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Applying for your new home loan with the help of Premier Realty Group, Inc.

When purchasing a home, applying for a loan is distressing for a lot of people, but it doesn't have to be. I'm connected with several lenders in Stuart, and they've helped me understand some things that can make the loan application process very manageable.

1 – Compose a list of questions regarding your loan program

If you do not totally understand the advantages and disadvantages of the different loan programs, be sure you bring a list of questions with you. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, it designates that a lender commits to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who elect to float believe the interest rates will dip 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 interest rate

When you elect to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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

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