Looking to finance a new home?

For most people, applying for the loan is one of the more exasperating aspects of purchasing a house, but it doesn't have to be. Having connections with various mortgage lenders in Auburn has helped me recognize some things that can make the process of applying for a loan much easier.

1 – Compile a list of questions about your loan program

If you find that you do not perfectly realize the advantages and disadvantages of the various programs, make sure to bring 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 characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the rate, the mortgage lender is holding to the interest rates for the loan – usually at the time the loan application is presented. 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 prefer 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 – Decide if you want to pay additional points to decrease your interest rate

When you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Compile your paperwork

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

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