
	Getting your loan locked down is just one part of a real estate transaction. S M COLL CAMALEZ is experienced at helping new and experienced in all areas of real estate. Call us today at 787 644 4813 if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Thinking of financing a new home? S M COLL CAMALEZ can help.

For many people, applying for the loan is one of the more demanding parts of purchasing a home. But it doesn't have to be. I have close relationships with a lot of lending companies in the HATO REY area, and they've helped me understand a few things that can make the loan application process uncomplicated.

1 – Assemble a list of questions regarding your loan program

Make sure you bring a list of questions if you find that you do not perfectly grasp the advantages and disadvantages of the different programs. It's a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the interest rate, it designates that the lender holds 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 at the time of closing. Those who elect to float believe that 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 reduce your rate

Typically you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for typical information that goes on a loan application.