Are you thinking of financing your home?

Applying for the loan is one of the most troublesome elements of buying a house, but it doesn't have to be. I have a close business relationship with several lending companies in the Plantsville area, and they've helped me recognize a few things that make the process of applying for a loan pretty simple.

1 – Create a list of questions regarding your loan program

If you find that you don't entirely comprehend the advantages and disadvantages of all the different loan programs, make sure to have a list of questions with you. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate means that a lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who decide to float presume 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 reduce your interest rate

Usually you can elect to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine 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 spend some time getting all your documentation together. Click here for a list of normal loan documentation.

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