Are you financing your home? Silver International Realty, Inc. can help.

For a lot of people, applying for a mortgage loan can be one of the most troublesome aspects of purchasing a house, but it doesn't have to be. I'm pretty close with various mortgage lenders in the Delray Beach area, and they've helped me realize a few things that will make the process of applying for a loan uncomplicated.

1 – Create a list of questions about your loan program

Make sure you have a list of questions with you if you don't thoroughly realize the advantages and disadvantages of all the different loan programs. I or one of my lenders will be able to help you understand the advantages and disadvantages of each one, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it indicates that your mortgage lender guarantees the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who choose to float believe that interest rates will fall 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

If you decide to pay additional points to lower the rate of your mortgage loan, you will pay 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. This tool will help you determine if buying points is right for you.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.




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