Do you want to finance a home in Durham? FRANK WARD, REALTORS® can help.

Applying for a loan can be one of the most stressful parts of purchasing a house for a buyer, but it doesn't have to be. Being connected with several lenders in Durham has helped me realize a few things that make the process of applying for a loan very easy.

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

If you don't perfectly understand the advantages and disadvantages of all the various programs, make sure you have a list of questions with you. Oftentimes, it can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the interest rate, it signifies that a lender commits to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who opt to float presume that interest rates will plunge 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 decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.

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