Thinking about financing your home in Durham?

Applying for a mortgage loan can be one of the most exasperating aspects of buying a home for a buyer, but it doesn't have to be. I have a close relationship with various mortgage lenders in the Durham area, and they've helped me recognize a few things that make the loan application process pretty simple.

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

Make sure to bring a list of questions if you find that you do not perfectly realize the advantages and disadvantages of all the various loan programs. It's a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in a rate, it denotes that the lender commits to the interest rates for the loan – typically at the time the loan application is presented. 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 conclude 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 decrease your rate

Typically you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.

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