Do you wish to finance a new home?

When buying a home, applying for financing is a very troublesome event for many people, but it doesn't have to be. Being familiar with a lot of mortgage lenders in the Maplewood area has helped me understand some things that make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

If you find that you do not entirely comprehend the ins and outs of all the different programs, make sure to have a list of questions. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, your mortgage lender is keeping to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Those who prefer to float think that interest rates will dip 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 rate

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

4 – Bring your paperwork

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

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