Thinking of financing a home in Delray Beach? Silver International Realty, Inc. can help.

Applying for the loan is one of the most distressing elements of buying a house for a buyer, but it doesn't have to be. I'm pretty close to a lot of lenders in Delray Beach, and they've helped me understand a few things that can make the process of applying for a loan easy.

1 – Organize a list of questions about your loan program

If you find that you do not entirely understand the pros and cons of all the different programs, make sure to have a list of questions with you. It is a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

Locking in indicates that a mortgage lender keeps to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who decide to float conclude 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 reduce your interest rate

If you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.