Looking to finance a home?

When purchasing a home, applying for financing is demanding for a lot of people, but it doesn't have to be. Being familiar with various lenders in the Evansville area has helped me realize a few things that make the process of applying for a loan very manageable.

1 – Make a list of questions about your loan program

If you find that you do not perfectly realize the advantages and disadvantages of all the various programs, make sure to have a list of questions. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in a rate denotes that the lender holds to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who elect 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

When you choose to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.

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