Charles Rutenberg Realty, Fort Lauderdale, The Scott Todd / Mike Imperiale Team can assist you in applying for a loan.

For many people, applying for mortgage financing is one of the more demanding parts of purchasing a home, but it doesn't have to be. I have a close relationship with various lenders in the Fort lauderdale area, and they've helped me realize a few things that will make the process of applying for a loan much easier.

1 – Assemble a list of questions about your loan program

If you find that you do not entirely understand the pros and cons of the different loan programs, be sure you have a list of questions. It is often hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of each program.

2 – Determine when to lock

By locking in the interest rate, a mortgage lender is guaranteeing the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who choose to float think interest rates will decline 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 lower your rate

Oftentimes you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of common loan documentation.