Applying for a new home loan in Delray Beach

Most people believe applying for the loan is one of the most demanding elements of buying a house, but it doesn't have to be. Being close with various mortgage lenders in the Delray Beach area has helped me realize some things that make the loan application process much easier.

1 – Put together a list of questions about your loan program

Make sure you bring a list of questions with you if you find that you don't fully understand the advantages and disadvantages of the different programs. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, the mortgage lender is committing to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who decide to float believe the 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 rate

Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of common loan documentation.