Thinking about financing a home in West Palm Beach?

Many buyers think applying for the loan is one of the most demanding parts of purchasing a home, but it doesn't have to be. I have a close relationship with a lot of mortgage lenders in the West Palm Beach area, and they've helped me realize some things that will make the process of applying for a loan a snap.

1 – Make a list of questions regarding your loan program

If you find that you do not totally understand the advantages and disadvantages of the different loan programs, be sure to have a list of questions with you. I or one of my lenders will help you understand the advantages and disadvantages of each one, because it is a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, a mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who choose 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 lower your rate

Oftentimes you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of typical loan documentation.

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