Are you looking to finance your home? Reliable Realty Group can help.

Most people think that applying for mortgage financing is one of the most demanding elements of buying a home, but it doesn't have to be. Having connections to several lenders in Cumberland has helped me realize a few things that can make the loan application process very easy.

1 – Create a list of questions regarding your loan program

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

2 – Decide when you want to lock

Locking in the rate signifies that the lender keeps to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who elect to float think that the 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 lower your interest rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're not sure if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of typical loan documentation.

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