Thinking about financing a home?

Applying for the loan is one of the most exasperating elements of purchasing a house for a buyer, but it doesn't have to be. I'm pretty connected with several lending companies in the Fort Pierce area, and they've helped me realize a few things that can make the loan application process pretty simple.

1 – Organize a list of questions regarding your loan program

If you find that you do not thoroughly understand the pros and cons of the different programs, be sure you bring a list of questions. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it is hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, a mortgage lender is keeping to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who opt to float conclude that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

Generally you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Compile your paperwork

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