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Let D'Addio Realty help you with financing your new home.

When purchasing a home, applying for a mortgage loan is a distressing event for many people, but it doesn't have to be. I'm pretty well-connected with various lending companies in Delray Beach, and they've helped me realize some things that will make the process of applying for a loan a snap.

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

If you find that you don't totally understand the advantages and disadvantages of all the various loan programs, be sure to have a list of questions with you. I or one of my lenders will assist you in understanding the advantages and disadvantages of each program, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, it signifies that your mortgage lender keeps to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Those who opt to float presume that interest rates will decline 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 rate

If you choose to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.

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