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Are you financing a new home?

When buying a home, applying for the loan is troublesome for many people, but it doesn't have to be. I have a close relationship with several lending companies in Stuart, and they've helped me realize a few things that make the loan application process much easier.

1 – Make a list of questions about your loan program

Make sure you bring a list of questions if you find that you do not entirely comprehend the advantages and disadvantages of all the different programs. It can be hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs.

2 – Decide when you want to lock

When you lock in a rate, a mortgage lender is sure to hold to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Those who elect to float conclude the interest rates will decline 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 reduce your rate

When you elect to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.

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