Thinking about financing a home in Miami? Delphi Investment Realty can help.

When purchasing a home, applying for financing is a very exasperating event for most people, but it doesn't have to be. Having connections to a lot of mortgage lenders in the Miami area has helped me recognize a few things that will make the process of applying for a loan a breeze.

1 – Make a list of questions about your loan program

If you find that you don't fully realize the advantages and disadvantages of all the different programs, be sure you bring a list of questions. It is a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in a rate, it signifies that a lender keeps to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who opt to float believe that the 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 interest rate

Normally you can choose 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 the time of closing. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.