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Are you financing a home?

When buying a home, applying for the loan is distressing for most people, but it doesn't have to be. I'm well-connected to some lending companies in the Stuart area, and they've helped me learn some things that can make the loan application process very easy.

1 – Assemble a list of questions regarding your loan program

If you find that you do not perfectly understand the ins and outs of all the different loan programs, be sure to bring a list of questions. It can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Decide when you want to lock

By locking in an interest rate, your lender is holding to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who prefer to float believe that interest rates will fall 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 rate

Typically you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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