Are you financing a home in Cumberland?

When buying a home, applying for financing is a troublesome event for many people, but it doesn't have to be. I'm pretty close to many lenders in Cumberland, and they've helped me understand a few things that will make the process of applying for a loan much easier.

1 – Assemble a list of questions about your loan program

Make sure you have a list of questions with you if you find that you do not entirely comprehend the advantages and disadvantages of the different programs. It is a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

Locking in a rate denotes that your mortgage lender commits to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Those who decide to float believe that interest rates will plunge 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 rate

Typically you can decide 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 the time of closing. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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