Thinking of financing your home?

Many buyers believe applying for a mortgage loan is one of the more exasperating parts of purchasing a home, but it doesn't have to be. I have a close business relationship with various lenders in the Auburn area, and they've helped me learn a few things that make the loan application process a snap.

1 – Make a list of questions regarding your loan program

If you find that you don't fully comprehend the advantages and disadvantages of the various programs, make sure you bring a list of questions. It is a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

By locking in the interest rate, your lender is holding to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who prefer to float believe 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

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

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.

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