Let Reliable Realty Group help you with financing your home in Cumberland.

For many people, applying for financing can be one of the most troublesome parts of buying a house, but it doesn't have to be. I have a close business relationship with a lot of lending companies in Cumberland, and they've helped me understand a few things that make the loan application process pretty simple.

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

If you find that you do not perfectly comprehend the pros and cons of the different programs, be sure to have a list of questions with you. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one, because it is a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the rate signifies that the mortgage lender guarantees the interest rates for the loan – generally 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 your loan and the issuing of closing documents. Those who opt to float think 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

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

4 – Gather your paperwork

Acquiring a 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 general loan documentation.

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