Looking to finance your new home?

Many buyers think that applying for the mortgage loan is one of the most exasperating parts of buying a home, but it doesn't have to be. I'm close to various mortgage lenders in Cumberland, and they've helped me realize some things that can make the process of applying for a loan pretty simple.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions with you if you don't entirely realize the advantages and disadvantages of the various loan programs. It is a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

Locking in denotes that your mortgage lender guarantees 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 at any time between the day you apply for the loan and closing. Buyers who opt to float conclude interest rates will fall 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

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

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.

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