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

When buying a home, applying for a mortgage loan is a exasperating event for most people, but it doesn't have to be. I have a close business relationship with various lending companies in Cumberland, and they've helped me recognize a few things that make the loan application process very manageable.

1 – Put together a list of questions regarding your loan program

Make sure you bring a list of questions with you if you find that you do not entirely understand the advantages and disadvantages of all the different loan programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program, because it's hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in designates that a mortgage lender commits to the interest rates for the loan – 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 your loan and issuance of closing documents. Buyers who prefer to float think 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

If you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.

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