Thinking about financing your new home in Fort Walton Beach?

For a lot of people, applying for the mortgage loan can be one of the more demanding parts of buying a home, but it doesn't have to be. I'm pretty connected to various lending companies in the Fort Walton Beach area, and they've helped me recognize a few things that will make the process of applying for a loan a snap.

1 – Make a list of questions regarding your loan program

If you do not thoroughly realize the ins and outs of all the different programs, be sure to have a list of questions with you. It is a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each.

2 – Determine when to lock

By locking in the rate, the mortgage lender is committing to the interest rates for the loan – typically 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 at the time of closing. Those who opt to float believe the 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

Oftentimes you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will assist you in deciding if purchasing points is right for you.

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.

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