Are you looking to finance your new home in Durham?

When purchasing a home, applying for a loan is troublesome for most people, but it doesn't have to be. I'm very well-connected to several lenders in Durham, and they've helped me realize some things that can make the loan application process a snap.

1 – Create a list of questions about your loan program

If you do not fully understand the advantages and disadvantages of the different loan programs, make sure you have a list of questions with you. It can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Decide when to lock

By locking in the rate, the lender is keeping to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who decide to float believe interest rates will drop 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

If you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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

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