Are you thinking about financing a home?

For a lot of people, applying for mortgage financing can be one of the more demanding elements of buying a home, but it doesn't have to be. I have a close business relationship with various lenders in Fort lauderdale, and they've helped me learn a few things that will make the process of applying for a loan effortless.

1 – Organize a list of questions regarding your loan program

If you find that you don't entirely comprehend the pros and cons of the various loan programs, be sure you bring a list of questions. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it denotes that a lender commits to the interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Buyers who opt to float think that interest rates will dip 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 rate

Generally you can opt to pay additional points to lower the interest 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. It will help you determine if buying points is the best option for you.

4 – Gather your paperwork

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