Are you thinking about financing a home in Palm Harbor? Bradshaw & Bradshaw Realty Services can help.

When purchasing a home, applying for the mortgage loan is very troublesome for many people, but it doesn't have to be. Being familiar with many mortgage lenders in the Palm Harbor area has helped me understand a few things that will make the loan application process easy.

1 – Organize a list of questions regarding your loan program

If you do not thoroughly understand the advantages and disadvantages of the different programs, be sure you bring a list of questions with you. It is a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

Locking in designates that your mortgage lender guarantees the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who elect to float conclude the interest rates will dip 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 lower your interest rate

When you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. If you're undecided as to whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.