Applying for a new home loan

Applying for mortgage financing can be one of the most exasperating parts of buying a home, but it doesn't have to be. I have a close relationship with various lenders in the Evansville area, and they've helped me learn some things that will make the loan application process effortless.

1 – Assemble a list of questions about your loan program

If you do not perfectly comprehend the ins and outs of all the various loan programs, be sure you bring a list of questions. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each one, because it's hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it denotes that your mortgage lender holds to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who choose to float presume 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 reduce your interest rate

If you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Bring your paperwork

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

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