Are you going to finance a new home in Durham? FRANK WARD, REALTORS® can help.

Many buyers think that applying for the mortgage loan is one of the most demanding aspects of purchasing a house, but it doesn't have to be. I'm pretty familiar with some lending companies in Durham, and they've helped me realize a few things that will make the process of applying for a loan a snap.

1 – Make a list of questions about your loan program

If you find that you do not completely realize the ins and outs of the various loan programs, make sure to have a list of questions with you. Oftentimes, it can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both.

2 – Decide when to lock

Locking in an interest rate means that your mortgage lender commits 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. Buyers who elect to float conclude the interest rates will fall 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 reduce your interest rate

Typically you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.

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