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Do you want to finance your home?

Applying for a loan can be one of the most exasperating parts of buying a house, but it doesn't have to be. I have a close relationship with a lot of lenders in the Stuart area, and they've helped me realize some things that can make the loan application process a snap.

1 – Assemble a list of questions about your loan program

Be sure to bring a list of questions with you if you find that you don't fully realize the advantages and disadvantages of the various loan programs. At times, it can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in an interest rate, it signifies that a lender commits to the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who choose to float presume that the interest rates will plunge 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 decrease your interest rate

Typically you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.

4 – Gather your paperwork

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

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