Do you want to finance your home? Bradshaw & Bradshaw Realty Services can help.

When buying a home, applying for a mortgage loan is a very troublesome event for a lot of people, but it doesn't have to be. I'm pretty familiar with several lending companies in Palm Harbor, and they've helped me understand a few things that will make the process of applying for a loan very manageable.

1 – Compose a list of questions regarding your loan program

If you find that you don't entirely understand the pros and cons of all the different loan programs, be sure to have a list of questions. It is hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in a rate, a lender is sure to commit to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who elect to float conclude that the 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 interest rate

When you decide to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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