Applying for your home loan

Applying for the mortgage loan is one of the most troublesome parts of purchasing a home, but it doesn't have to be. I'm very close to various lending companies in West Palm Beach, and they've helped me understand some things that can make the process of applying for a loan effortless.

1 – Make a list of questions about your loan program

Be sure you have a list of questions with you if you do not entirely comprehend the pros and cons of the different programs. I or one of my lender contacts can help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in an interest rate indicates that your lender holds to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who elect to float think that the interest rates will drop 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 rate

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

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.

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