Are you financing a home? Coast to Coast Property Brokers can help.

Most buyers think applying for mortgage financing is one of the most distressing aspects of buying a house, but it doesn't have to be. I'm pretty well-connected with many lending companies in Fort Walton Beach, and they've helped me understand some things that make the process of applying for a loan pretty simple.

1 – Compile a list of questions about your loan program

Be sure you bring a list of questions if you do not totally realize the pros and cons of all the various programs. It is often a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

Locking in a rate denotes that your lender keeps to the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who prefer to float believe that interest rates will plunge 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

Typically you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. To decide if purchasing 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 take some time to get your documents together. Click here to get a list of typical loan documentation.

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