Applying for a new home loan with the help of Charles Rutenberg Realty, Fort Lauderdale, The Scott Todd / Mike Imperiale Team

When purchasing a home, applying for financing is stressful for a lot of people, but it doesn't have to be. I'm well-connected to some mortgage lenders in the Fort lauderdale area, and they've helped me understand a few things that make the process of applying for a loan effortless.

1 – Assemble a list of questions regarding your loan program

Make sure you have a list of questions with you if you don't entirely comprehend the pros and cons of all the different programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, it indicates that your lender guarantees the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float think 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 lower your rate

Typically you can choose to pay additional points to lower the rate of your loan. Every 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 in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of general loan documentation.