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Are you financing a new home? D'Addio Realty can help.

When purchasing a home, applying for a loan is a distressing event for most people, but it doesn't have to be. Being close with several mortgage lenders in the Delray Beach area has helped me realize a few things that can make the loan application process uncomplicated.

1 – Compile a list of questions about your loan program

If you find that you do not perfectly understand the pros and cons of all the various loan programs, be sure you have a list of questions with you. It is a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in the rate, your mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who elect to float believe that interest rates will plunge 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 reduce your interest rate

Oftentimes you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with determining if buying points is right for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.

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