Are you thinking of financing your new home?

Applying for the loan can be one of the most demanding parts of buying a home, but it doesn't have to be. Being connected to various lenders in Plantsville has helped me recognize some things that can make the process of applying for a loan effortless.

1 – Assemble a list of questions about your loan program

Make sure you bring a list of questions if you don't completely realize the advantages and disadvantages of the different programs. It is often a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in the rate, it indicates that the mortgage lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who prefer to float believe the interest rates will fall 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 interest rate

When you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're not sure if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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