Thinking of financing a home?

When purchasing a home, applying for the mortgage loan is very distressing for many people, but it doesn't have to be. I have a close relationship with various lending companies in Cumberland, and they've helped me learn some things that can make the loan application process effortless.

1 – Organize a list of questions regarding your loan program

Make sure to have a list of questions if you find that you do not completely comprehend the pros and cons of the various programs. At times, it can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

By locking in the interest rate, a lender is holding to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float think that the interest rates will dip 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

Usually you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Compile your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of normal loan documentation.

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