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

Applying for financing is one of the most distressing aspects of buying a house, but it doesn't have to be. I have a close business relationship with some mortgage lenders in the Durham area, and they've helped me realize a few things that make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

Be sure to bring a list of questions with you if you do not completely realize the advantages and disadvantages of all the different programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each program, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in denotes that a lender commits to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who prefer to float believe that 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'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is the best option for you.

4 – Bring your paperwork

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