Looking to finance your home in Miami? Delphi Investment Realty can help.

When buying a home, applying for a mortgage loan is a very demanding event for most people, but it doesn't have to be. I'm very well-connected with several mortgage lenders in the Miami area, and they've helped me learn a few things that make the loan application process effortless.

1 – Assemble a list of questions regarding your loan program

If you find that you don't completely understand the advantages and disadvantages of the various programs, be sure you have a list of questions with you. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, it designates that a lender holds to the interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who prefer to float presume that the 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 lower your interest rate

Usually you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Gather your paperwork

Obtaining 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 common loan documentation.