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Thinking about financing your home in Delray Beach? D'Addio Realty can help.

Applying for financing can be one of the most demanding aspects of buying a house, but it doesn't have to be. I have a close relationship with many lenders in the Delray Beach area, and they've helped me realize a few things that will make the process of applying for a loan much easier.

1 – Compose a list of questions regarding your loan program

Make sure you have a list of questions if you do not totally comprehend the pros and cons of all the various loan programs. It is often a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each program.

2 – Determine when you want to lock

Locking in indicates that your mortgage lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who choose to float think interest rates will drop 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 decrease your rate

Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're unsure if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of general loan documentation.

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