Do you wish to finance your new home?

Applying for financing can be one of the most distressing elements of buying a house, but it doesn't have to be. I'm pretty close to various lending companies in Miami, and they've helped me realize some things that can make the process of applying for a loan a snap.

1 – Create a list of questions about your loan program

Be sure to have a list of questions with you if you do not perfectly comprehend the advantages and disadvantages of all the various programs. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in means that a lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Buyers who elect to float conclude 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 decrease your rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.