Thinking about financing your new home in West Palm Beach? J. Briann Realty Group, Inc. can help.

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

1 – Put together a list of questions regarding your loan program

If you don't perfectly comprehend the pros and cons of the different programs, make sure you bring a list of questions. It's a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each.

2 – Decide when to lock

By locking in a rate, a mortgage lender is holding to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who decide to float think 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 lower your rate

If you choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if buying points is right for you.

4 – Gather your paperwork

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