Applying for a new home loan in Durham with help from FRANK WARD, REALTORS®

Applying for a mortgage loan can be one of the most stressful parts of buying a home, but it doesn't have to be. Being connected to a lot of lenders in the Durham area has helped me recognize some things that will make the process of applying for a loan much easier.

1 – Organize a list of questions regarding your loan program

Be sure you have a list of questions if you do not fully understand the ins and outs of the different programs. It is often a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

Locking in the rate signifies that your mortgage lender commits to the mortgage interest rates for the loan – often at the time the loan application is received. 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 interest rates will decline 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 rate

Oftentimes you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're undecided as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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

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