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Are you looking to finance your home in Stuart?

For many people, applying for a mortgage loan is one of the more exasperating aspects of buying a house, but it doesn't have to be. Being familiar with many lenders in Stuart has helped me understand some things that can make the process of applying for a loan a breeze.

1 – Compose a list of questions about your loan program

If you don't thoroughly understand the pros and cons of all the different programs, be sure to bring a list of questions. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the rate signifies that the lender holds to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who choose to float presume 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

When you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're not sure if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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