Applying for your new home loan in West Palm Beach

When purchasing a home, applying for the loan is a stressful event for a lot of people, but it doesn't have to be. I have a close relationship with a lot of lenders in the West Palm Beach area, and they've helped me learn some things that will make the loan application process effortless.

1 – Compose a list of questions about your loan program

Be sure to have a list of questions if you find that you don't completely comprehend the pros and cons of all the different programs. It is hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in an interest rate, it signifies that a mortgage lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who elect to float presume that interest rates will decline 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 decrease your rate

Typically you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To decide if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

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