Do you want to finance your new home?

Applying for financing can be one of the most exasperating aspects of buying a home for a buyer, but it doesn't have to be. I have a close business relationship with many lending companies in Cumberland, and they've helped me learn a few things that will make the loan application process a breeze.

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

Be sure to have a list of questions if you don't totally comprehend the pros and cons of the various loan programs. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program, because it can be hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the rate indicates that a mortgage lender holds to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who choose to float conclude 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 decrease your interest rate

Generally you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of general loan documentation.

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