Are you financing your home in Evansville? Gammon Realty can help.

For a lot of people, applying for a mortgage loan is one of the most distressing parts of purchasing a house, but it doesn't have to be. I have a close business relationship with some lending companies in Evansville, and they've helped me recognize some things that will make the process of applying for a loan uncomplicated.

1 – Make a list of questions regarding your loan program

If you don't perfectly comprehend the pros and cons of all the various programs, make sure you have a list of questions. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it can be a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in means that the mortgage lender guarantees the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who decide to float conclude 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

Usually you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting 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 common loan documentation.

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