Applying for a home loan in West Palm Beach

Applying for mortgage financing is one of the most distressing aspects of purchasing a house, but it doesn't have to be. Being connected to various lending companies in the West Palm Beach area has helped me learn a few things that make the loan application process pretty simple.

1 – Compose a list of questions about your loan program

If you find that you don't totally comprehend the ins and outs of the various programs, make sure to bring a list of questions. It's a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in an interest rate, it designates that your lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who choose to float believe interest rates will decline 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 decrease your rate

If you choose 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. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Bring your paperwork

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