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Thinking of financing a new home?

When buying a home, applying for a mortgage loan is demanding for most people, but it doesn't have to be. Being familiar with many lenders in the Delray Beach area has helped me learn some things that can make the process of applying for a loan easy.

1 – Compile a list of questions about your loan program

If you find that you do not entirely realize the ins and outs of the various loan programs, be sure you bring a list of questions with you. I or one of my lenders can help you understand the advantages and disadvantages of both programs, because it is hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in designates that your lender guarantees the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who opt to float conclude 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

If you decide to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires a lot 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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