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Let D'Addio Realty help you apply for your new home loan in Delray Beach.

Many buyers think that applying for mortgage financing is one of the most distressing aspects of buying a home, but it doesn't have to be. Having connections with various mortgage lenders in the Delray Beach area has helped me learn some things that will make the loan application process much easier.

1 – Create a list of questions regarding your loan program

If you do not fully understand the pros and cons of the various loan programs, be sure to bring a list of questions with you. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, a lender is sure to keep to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who opt to float think that interest rates will dip 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 reduce your interest rate

When you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of common loan documentation.

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