Applying for your new home loan in Delray Beach

Applying for the mortgage loan can be one of the most distressing elements of purchasing a house, but it doesn't have to be. I have a close relationship with some lending companies in the Delray Beach area, and they've helped me understand some things that can make the loan application process uncomplicated.

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

Be sure to bring a list of questions with you if you don't perfectly realize the pros and cons of the various loan programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the rate signifies that your lender holds to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who prefer to float conclude that the interest rates will plunge 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 rate

Typically you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with deciding if buying points is right for you.

4 – Gather your paperwork

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