FRANK WARD, REALTORS® can assist you in applying for your new home loan.

When buying a home, applying for a loan is a very troublesome event for a lot of people, but it doesn't have to be. Being close with a lot of lending companies in Durham has helped me learn a few things that can make the loan application process a snap.

1 – Make a list of questions regarding your loan program

If you do not fully comprehend the pros and cons of all the different programs, make sure you have a list of questions. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in an interest rate, the lender is committing to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who opt to float think 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 decrease your rate

When you choose to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.

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