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

Applying for the loan is one of the most stressful aspects of purchasing a home for a buyer, but it doesn't have to be. I'm pretty connected with a lot of lenders in Miami, and they've helped me learn a few things that will make the process of applying for a loan effortless.

1 – Compose a list of questions about your loan program

If you find that you do not thoroughly understand the ins and outs of the various loan programs, make sure to have a list of questions. I or one of my lenders will be able to help you understand the advantages and disadvantages of each one, because it is hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in a rate designates that the lender commits to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who choose to float believe the interest rates will decline 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 reduce your interest rate

When you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.

4 – Gather your paperwork

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