Are you thinking of financing your new home?

For most people, applying for the mortgage loan can be one of the more demanding parts of buying a house, but it doesn't have to be. Being close to many lending companies in Plantsville has helped me recognize some things that make the loan application process very easy.

1 – Put together a list of questions regarding your loan program

If you do not completely understand the pros and cons of the various loan programs, make sure you have a list of questions with you. Oftentimes, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in a rate, it designates that your lender keeps to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who decide to float think that interest rates will decline 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 decrease your rate

Typically you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're undecided on whether or not buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.

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