Let Silver International Realty, Inc. assist you in applying for your loan.

When buying a home, applying for a loan is a troublesome event for many people, but it doesn't have to be. I have a close business relationship with various lending companies in Delray Beach, and they've helped me recognize some things that make the loan application process effortless.

1 – Compile a list of questions regarding your loan program

Make sure you have a list of questions if you do not completely understand the ins and outs of the different loan programs. It is often a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in a rate, it means that the lender guarantees the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who elect to float conclude that interest rates will fall 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

When you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will assist you in deciding if purchasing points is right for you.

4 – Bring your paperwork

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