Are you thinking of financing a new home? Hot Homes Realty can help.

When buying a home, applying for the mortgage loan is a very demanding event for most people, but it doesn't have to be. Being familiar with a lot of mortgage lenders in the Dunedin area has helped me understand some things that will make the loan application process much easier.

1 – Organize a list of questions regarding your loan program

Make sure to have a list of questions with you if you find that you don't totally understand the ins and outs of the different programs. It is often hard to understand the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each.

2 – Decide when to lock

Locking in a rate denotes that the lender commits to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who opt to float presume interest rates will fall 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 rate

Normally you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.

4 – Bring your paperwork

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