Are you thinking of financing your new home?

When purchasing a home, applying for financing is very stressful for a lot of people, but it doesn't have to be. Being close with various mortgage lenders in Elizabethtown has helped me recognize some things that can make the loan application process a breeze.

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 you have a list of questions. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the rate, your mortgage lender is committing to the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Buyers who opt to float think the interest rates will fall 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

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

4 – Gather your paperwork

Obtaining a 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 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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