Let FRANK WARD, REALTORS® assist you in financing a new home in Durham.

Applying for a mortgage loan can be one of the most troublesome elements of buying a house for a buyer, but it doesn't have to be. I'm connected to several lending companies in the Durham area, and they've helped me learn a few things that will make the process of applying for a loan very easy.

1 – Make a list of questions about your loan program

Make sure you bring a list of questions if you don't totally understand the ins and outs of all the different loan programs. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it denotes that the lender holds to the interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who choose to float believe that the 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 decrease your rate

Typically you can elect 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 uncertain if purchasing 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 spend some time getting your documents together. Click here for a list of typical loan documentation.

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