Let Unicasa International USA Realty help you finance a new home.

When purchasing a home, applying for the mortgage loan is a exasperating event for many people, but it doesn't have to be. I have a close business relationship with several mortgage lenders in the Davie area, and they've helped me understand some things that make the process of applying for a loan a snap.

1 – Compile a list of questions regarding your loan program

Be sure to have a list of questions if you find that you don't thoroughly understand the advantages and disadvantages of all the different loan programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it is a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in a rate, a lender is guaranteeing the mortgage interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who opt to float believe that interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to decrease your interest rate

Oftentimes you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're not sure if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.