Are you going to finance a home?

For a lot of people, applying for the mortgage loan is one of the more stressful elements of buying a house, but it doesn't have to be. Being familiar with various lending companies in Evansville has helped me recognize a few things that can make the process of applying for a loan a snap.

1 – Organize a list of questions regarding your loan program

Be sure you bring a list of questions with you if you do not totally comprehend the advantages and disadvantages of the various programs. Oftentimes, it can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in the interest rate, it indicates that your mortgage lender holds to the interest rates for the loan – ordinarily 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 choose to float presume 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 – Determine if you want to pay additional points to decrease your rate

Oftentimes you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of typical loan documentation.

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