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

Applying for financing is one of the most troublesome parts of buying a home for a buyer, but it doesn't have to be. I have a close relationship with several lending companies in Durham, and they've helped me recognize some things that will make the process of applying for a loan much easier.

1 – Make a list of questions regarding your loan program

If you find that you don't completely understand the ins and outs of the various programs, make sure to bring a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, a lender is sure to commit to the mortgage interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Those who decide to float think the interest rates will fall 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

When you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're unsure if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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