Are you looking to finance a home in Miami? Delphi Investment Realty can help.

Many people believe that applying for a mortgage loan is one of the more troublesome parts of buying a home, but it doesn't have to be. Being close with several mortgage lenders in Miami has helped me recognize a few things that will make the loan application process easy.

1 – Compose a list of questions about your loan program

Be sure to bring a list of questions with you if you find that you do not totally understand the advantages and disadvantages of the different loan programs. It can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

Locking in the rate designates that a lender commits to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who decide to float conclude that the interest rates will drop 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 decrease your interest rate

Generally you can opt to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

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