Silver International Realty, Inc. can assist you with applying for your loan.

Applying for the loan is one of the most exasperating aspects of purchasing a house for a buyer, but it doesn't have to be. Being connected with a lot of lending companies in Delray Beach has helped me understand some things that will make the loan application process very manageable.

1 – Assemble a list of questions about your loan program

If you do not thoroughly comprehend the advantages and disadvantages of all the different loan programs, make sure you bring a list of questions. It is often a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each.

2 – Decide when to lock

By locking in an interest rate, your mortgage lender is committing to the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Those who prefer to float conclude that 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

Usually you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Compile your paperwork

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