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Are you thinking of financing your home?

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

1 – Compose a list of questions regarding your loan program

Be sure to bring a list of questions if you find that you do not entirely understand the advantages and disadvantages of all the different programs. It can be a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

By locking in the interest rate, the lender is guaranteeing the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who prefer to float conclude the 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 lower your rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.

4 – Bring your paperwork

Obtaining 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 common loan documentation.

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