Are you financing a home in Fort Pierce?

When buying a home, applying for the loan is very stressful for a lot of people, but it doesn't have to be. Being close with various lending companies in the Fort Pierce area has helped me realize a few things that make the loan application process pretty simple.

1 – Compose a list of questions regarding your loan program

If you don't totally realize the advantages and disadvantages of the various loan programs, make sure you have a list of questions. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it designates that a mortgage lender holds to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who decide to float conclude that interest rates will drop 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 decrease your interest rate

If you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.