Do you want to finance a new home?

When buying a home, applying for the mortgage loan is a stressful event for most people, but it doesn't have to be. I have a close relationship with a lot of lenders in the Durham area, and they've helped me learn some things that will make the process of applying for a loan very manageable.

1 – Assemble a list of questions about your loan program

If you find that you do not thoroughly realize the ins and outs of the different programs, make sure to bring a list of questions with you. I or one of my trusted lenders will help you understand the advantages and disadvantages of both programs, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, a mortgage lender is guaranteeing the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who decide to float believe that the interest rates will decline 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 rate

Usually you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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