Let FRANK WARD, REALTORS® help you with financing your home.

For many people, applying for financing can be one of the most troublesome aspects of buying a home, but it doesn't have to be. I'm pretty close to a lot of mortgage lenders in the Durham area, and they've helped me understand a few things that make the loan application process a snap.

1 – Assemble a list of questions about your loan program

If you find that you do not entirely comprehend the advantages and disadvantages of all the various loan programs, be sure you bring a list of questions with you. It is often hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

By locking in the rate, a mortgage lender is holding to the interest rates for the loan – commonly 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 prefer to float conclude the interest rates will drop 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

Typically you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

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

Looking to Buy?

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