Applying for a home loan in Durham with the help of FRANK WARD, REALTORS®

Applying for the loan can be one of the most stressful aspects of purchasing a house, but it doesn't have to be. I'm pretty well-connected to a lot of mortgage lenders in the Durham area, and they've helped me recognize a few things that make the loan application process a breeze.

1 – Assemble a list of questions regarding your loan program

Make sure to have a list of questions if you find that you don't fully comprehend the pros and cons of all the different programs. I or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it's hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it means that your lender holds to the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who prefer to float think that the interest rates will plunge 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 reduce your rate

If you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Gather your paperwork

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

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