Applying for a home loan

For a lot of people, applying for mortgage financing can be one of the most exasperating aspects of buying a home, but it doesn't have to be. Being close with a lot of lending companies in Plantsville has helped me learn some things that make the loan application process uncomplicated.

1 – Compile a list of questions about your loan program

If you find that you do not entirely comprehend the ins and outs of all the different loan programs, be sure you have a list of questions with you. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it designates that the mortgage lender guarantees the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who prefer to float think interest rates will drop 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 reduce your rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Compile your paperwork

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

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