Applying for your new home loan

When purchasing a home, applying for a mortgage loan is very exasperating for most people, but it doesn't have to be. I'm very well-connected with a lot of mortgage lenders in Durham, and they've helped me recognize a few things that make the loan application process pretty simple.

1 – Put together a list of questions about your loan program

Be sure you bring a list of questions if you find that you do not totally understand the advantages and disadvantages of all the various loan programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it's a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, it indicates that your mortgage lender keeps to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who choose to float presume that 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 decrease your rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in determining if buying points is right for you.

4 – Bring your paperwork

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

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