Are you thinking about financing your home? Penny Miller - 270.307.2703 can help.

When buying a home, applying for a mortgage loan is a very stressful event for a lot of people, but it doesn't have to be. I have a close business relationship with various lenders in Elizabethtown, and they've helped me learn a few things that will make the loan application process effortless.

1 – Compose a list of questions regarding your loan program

If you do not completely understand the ins and outs of all the different loan programs, be sure you have a list of questions. Oftentimes, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

Locking in the interest rate denotes that your lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who elect to float think that interest rates will decline 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 interest rate

Normally you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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