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Are you thinking of financing a home in Delray Beach? D'Addio Realty can help.

When buying a home, applying for a loan is a stressful event for most people, but it doesn't have to be. I'm pretty connected with various lending companies in the Delray Beach area, and they've helped me realize a few things that can make the process of applying for a loan easy.

1 – Assemble a list of questions about your loan program

If you don't totally comprehend the pros and cons of the different programs, be sure you bring a list of questions. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate indicates that a lender guarantees the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who prefer to float think 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 decrease your interest rate

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

4 – Gather your paperwork

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

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