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Are you looking to finance a home?

When purchasing a home, applying for a mortgage loan is a demanding event for most people, but it doesn't have to be. I have a close business relationship with various lenders in Stuart, and they've helped me understand a few things that make the process of applying for a loan a breeze.

1 – Put together a list of questions regarding your loan program

If you do not completely understand the pros and cons of the different loan programs, make sure to bring a list of questions. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, the lender is committing to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and closing. Buyers who elect to float believe that the interest rates will fall 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 lower your interest rate

If you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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