Are you going to finance your new home in Fort Pierce?

For a lot of people, applying for the loan is one of the more exasperating parts of purchasing a house, but it doesn't have to be. I have a close relationship with various lenders in the Fort Pierce area, and they've helped me learn some things that can make the loan application process easy.

1 – Compose a list of questions about your loan program

If you do not fully comprehend the advantages and disadvantages of all the different loan programs, be sure to have a list of questions. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one, because it's a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, the mortgage lender is sure to keep to the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who elect 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 – Determine if you want to pay additional points to lower your rate

Oftentimes you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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