Do you wish to finance your home in Maplewood?

Most people think that applying for the mortgage loan is one of the most exasperating parts of buying a house, but it doesn't have to be. Having connections to a lot of mortgage lenders in Maplewood has helped me understand some things that make the loan application process a breeze.

1 – Organize a list of questions about your loan program

Make sure to have a list of questions with you if you don't perfectly understand the advantages and disadvantages of the various loan programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it indicates that a lender holds to the interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who opt to float think that the interest rates will plunge 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

Typically you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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

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