Applying for your home loan with help from Reliable Realty Group

When buying a home, applying for a mortgage loan is a very exasperating event for many people, but it doesn't have to be. Having connections to a lot of lenders in the Cumberland area has helped me learn some things that make the loan application process very easy.

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

If you find that you don't completely understand the ins and outs of all the different programs, be sure to bring a list of questions. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each program, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, it denotes that the lender guarantees the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who opt to float think that the 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 lower your rate

Normally you can elect to pay additional points to lower the rate of your 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 – Gather your paperwork

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

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