Are you thinking of financing a new home?

A lot of people believe that applying for mortgage financing is one of the most stressful elements of buying a home, but it doesn't have to be. I have a close business relationship with several lending companies in the Miami area, and they've helped me learn some things that will make the loan application process easy.

1 – Organize a list of questions regarding your loan program

Be sure you have a list of questions if you do not entirely understand the pros and cons of the different loan programs. It is often hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one.

2 – Decide when to lock

When you lock in an interest rate, it means that the mortgage lender keeps to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who decide to float believe that interest rates will drop 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

Normally you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're not sure if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.


Delphi Investment Realty

6303 Blue Lagoon Drive Suite 400
Miami, FL 33126