Are you going to finance your home? Pare Realty, Inc. can help.

Applying for financing can be one of the most demanding parts of purchasing a home, but it doesn't have to be. I have a close business relationship with many mortgage lenders in Fort Pierce, and they've helped me learn a few things that will make the process of applying for a loan a snap.

1 – Make a list of questions about your loan program

Make sure to bring a list of questions if you find that you do not completely understand the ins and outs of all the various loan programs. It is often a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each.

2 – Decide when to lock

Locking in an interest rate signifies that the lender holds to the interest rates for the loan – 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 closing. Buyers who opt to float conclude interest rates will decline 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 interest rate

If you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if purchasing points is right for you.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.