Are you financing your home?

Applying for mortgage financing can be one of the most troublesome parts of purchasing a house for a buyer, but it doesn't have to be. I'm very connected with many mortgage lenders in the Davie area, and they've helped me realize some things that make the process of applying for a loan very manageable.

1 – Put together a list of questions regarding your loan program

If you find that you don't perfectly comprehend the pros and cons of all the various programs, make sure you have a list of questions with you. It's hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in a rate, your lender is sure to keep to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who elect to float presume that interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to lower your interest rate

Typically you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of general loan documentation.