Do you wish to finance your home?

When buying a home, applying for financing is a very exasperating event for many people, but it doesn't have to be. I have a close business relationship with many lenders in Plantsville, and they've helped me understand a few things that will make the loan application process very easy.

1 – Make a list of questions about your loan program

Be sure you bring a list of questions if you find that you don't completely understand the advantages and disadvantages of all the various programs. I or one of my lenders will help you understand the advantages and disadvantages of each program, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, it indicates that a mortgage lender commits to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who decide to float conclude that 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

When you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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

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