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Are you looking to finance a new home?

For many people, applying for the loan can be one of the most demanding parts of buying a home, but it doesn't have to be. I'm very close with various lending companies in Delray Beach, and they've helped me learn some things that can make the process of applying for a loan easy.

1 – Assemble a list of questions regarding your loan program

If you don't perfectly understand the advantages and disadvantages of all the different loan programs, be sure to have a list of questions. It can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in an interest rate, a lender is sure to commit to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who prefer to float presume the 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

Generally you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of common loan documentation.

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