Are you going to finance your home? Gammon Realty can help.

Applying for a mortgage loan is one of the most exasperating parts of buying a home for a buyer, but it doesn't have to be. I'm very well-connected with several mortgage lenders in Evansville, and they've helped me learn some things that will make the loan application process pretty simple.

1 – Compose a list of questions regarding your loan program

If you find that you don't thoroughly realize the pros and cons of all the various loan programs, make sure you have a list of questions with you. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who prefer to float conclude 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 decrease your interest rate

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

4 – Compile your paperwork

Getting a loan requires lots 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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