Are you financing your home?

When buying a home, applying for the mortgage loan is a very exasperating event for a lot of people, but it doesn't have to be. Being close to various lending companies in the Durham area has helped me realize a few things that make the process of applying for a loan very manageable.

1 – Compose a list of questions regarding your loan program

Make sure you have a list of questions if you don't thoroughly understand the ins and outs of the various programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, the lender is sure to commit to the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who elect to float conclude that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

If you decide to pay additional points to lower the rate of your loan, you will do so by paying 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 right for you.

4 – Gather your paperwork

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

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