Are you going to finance your home?

When purchasing a home, applying for a loan is exasperating for a lot of people, but it doesn't have to be. Being familiar with various lenders in Elizabethtown has helped me understand some things that will make the process of applying for a loan uncomplicated.

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

If you do not fully understand the pros and cons of the different programs, be sure to have a list of questions with you. I or one of my lenders can help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, the mortgage lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who opt to float believe 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 decrease your rate

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

4 – Bring your paperwork

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

Need help finding the right loan?

Don't worry about searching everywhere to find the best options for securing your loan. With 25 years of experience, I can get you in touch with the right mortgage broker that will take care of your needs.

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