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Do you want to finance a new home?

When buying a home, applying for financing is exasperating for many people, but it doesn't have to be. I'm pretty close to many lending companies in the Stuart area, and they've helped me recognize a few things that can make the loan application process a breeze.

1 – Compose a list of questions about your loan program

Be sure to bring a list of questions with you if you don't totally realize the pros and cons of all the different loan programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program, because it's hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the interest rate, a mortgage lender is committing to the interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Those who prefer to float conclude that 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

Generally you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Bring your paperwork

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

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