Do you wish to finance your new home? FRANK WARD, REALTORS® can help.

When purchasing a home, applying for a loan is very exasperating for most people, but it doesn't have to be. I'm pretty connected with a lot of lenders in the Durham area, and they've helped me recognize some things that make the process of applying for a loan effortless.

1 – Put together a list of questions regarding your loan program

If you do not totally understand the advantages and disadvantages of all the different programs, make sure to have a list of questions with you. Oftentimes, it can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

Locking in the rate signifies that the lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who decide to float believe that 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 lower your rate

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

4 – Compile your paperwork

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

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