Gammon Realty can assist you in applying for a new home loan in Evansville.

A lot of buyers believe that applying for mortgage financing is one of the more troublesome parts of purchasing a home, but it doesn't have to be. I'm very well-connected to some mortgage lenders in Evansville, and they've helped me learn some things that will make the process of applying for a loan much easier.

1 – Compose a list of questions about your loan program

Be sure to bring a list of questions with you if you do not thoroughly comprehend the advantages and disadvantages of all the various loan programs. It can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in an interest rate, your mortgage lender is sure to keep to the mortgage interest rates for the loan – commonly 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 the loan and the issuing of closing documents. Those who choose to float think 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 lower your interest rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires a lot 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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