Looking to finance a home?

When buying a home, applying for a loan is stressful for a lot of people, but it doesn't have to be. I have a close business relationship with various mortgage lenders in Durham, and they've helped me realize some things that make the process of applying for a loan easy.

1 – Create a list of questions regarding your loan program

Make sure you have a list of questions with you if you find that you do not fully understand the pros and cons of all the various programs. At times, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in a rate, it denotes that the lender keeps to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who prefer to float think 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 reduce your rate

Oftentimes 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 buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

Looking to Buy?

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