Applying for your new home loan

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

1 – Assemble a list of questions about your loan program

Be sure to have a list of questions if you find that you don't perfectly realize the ins and outs of all the various loan programs. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both programs, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, the mortgage lender is sure to keep to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who elect to float presume that 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 interest rate

Typically you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're not sure if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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

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