Are you financing your home in Auburn?

When buying a home, applying for financing is very troublesome for a lot of people, but it doesn't have to be. Having connections with various lending companies in Auburn has helped me learn a few things that will make the loan application process easy.

1 – Assemble a list of questions about your loan program

Be sure you have a list of questions with you if you do not entirely comprehend the advantages and disadvantages of all the various loan programs. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in an interest rate, a mortgage lender is holding to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who decide 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 reduce your interest rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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