Applying for a new home loan with the help of Reliable Realty Group

For a lot of people, applying for a loan is one of the more troublesome elements of buying a home, but it doesn't have to be. I have a close relationship with a lot of mortgage lenders in Cumberland, and they've helped me learn some things that make the loan application process pretty simple.

1 – Assemble a list of questions about your loan program

If you don't totally understand the ins and outs of all the different loan programs, be sure to have a list of questions with you. It is a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one.

2 – Decide when you want to lock

By locking in an interest rate, the mortgage lender is keeping to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who prefer to float believe 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 reduce your rate

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

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.

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