Thinking of financing your home?

Applying for mortgage financing can be one of the most demanding parts of buying a home, but it doesn't have to be. I'm connected to some lenders in Fort lauderdale, and they've helped me learn a few things that make the loan application process easy.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions with you if you don't fully comprehend the ins and outs of all the various programs. It is often a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in the rate, your lender is sure to commit to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who opt to float presume interest rates will fall 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 reduce your rate

If you decide to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.

4 – Bring your paperwork

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