Do you wish to finance your new home in Cumberland?

A lot of people believe that applying for financing is one of the most distressing aspects of buying a house, but it doesn't have to be. I have a close business relationship with a lot of lenders in the Cumberland area, and they've helped me recognize some things that can make the process of applying for a loan effortless.

1 – Assemble a list of questions about your loan program

If you do not totally understand the advantages and disadvantages of all the various programs, make sure to bring a list of questions. It can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in the rate, it means that a mortgage lender keeps to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who elect to float presume that interest rates will dip 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

If you elect to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Gather your paperwork

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

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