Applying for a loan with the help of Silver International Realty, Inc.

When buying a home, applying for financing is very demanding for many people, but it doesn't have to be. Having connections with various lending companies in the Delray Beach area has helped me understand a few things that make the process of applying for a loan uncomplicated.

1 – Compile a list of questions regarding your loan program

Make sure to bring a list of questions with you if you do not totally comprehend the ins and outs of all the different loan programs. At times, it can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in the interest rate, your lender is guaranteed to keep to the interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who decide to float conclude 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

Typically you can decide 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 the time of closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.

4 – Compile your paperwork

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