Thinking of financing your home? Delphi Investment Realty can help.

For many people, applying for financing can be one of the most distressing elements of buying a home, but it doesn't have to be. Being close to a lot of lending companies in Miami has helped me realize some things that will make the process of applying for a loan uncomplicated.

1 – Compose a list of questions about your loan program

If you don't totally comprehend the pros and cons of all the various programs, be sure you have a list of questions. Oftentimes, it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in a rate, your mortgage lender is sure to commit to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Those who elect to float believe interest rates will decline 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

When you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying 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 with determining if purchasing points is right for you.

4 – Bring your paperwork

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