Thinking about financing a home in Dunedin ? Hot Homes Realty can help.

Applying for financing is one of the most stressful parts of buying a house for a buyer, but it doesn't have to be. I'm pretty well-connected with a lot of lenders in the Dunedin area, and they've helped me learn some things that will make the loan application process a breeze.

1 – Organize a list of questions about your loan program

Make sure you have a list of questions with you if you find that you do not totally realize the ins and outs of the various loan programs. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, the lender is holding to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who prefer to float think the interest rates will decline 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

Normally you can choose to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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