Are you financing your new home? Pare Realty, Inc. can help.

When purchasing a home, applying for a loan is a very exasperating event for many people, but it doesn't have to be. I have a close business relationship with various mortgage lenders in Fort Pierce, and they've helped me recognize some things that will make the loan application process very easy.

1 – Assemble a list of questions regarding your loan program

Be sure to bring a list of questions with you if you find that you do not totally understand the ins and outs of the various programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one, because it is a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in designates that your mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who choose to float think 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 decrease your rate

Normally 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 assist you in deciding if purchasing points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of general loan documentation.