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

A lot of people think that applying for the mortgage loan is one of the more stressful aspects of buying a house, but it doesn't have to be. I'm pretty connected to a lot of lending companies in the Evansville area, and they've helped me learn some things that make the loan application process much easier.

1 – Compose a list of questions about your loan program

If you don't perfectly understand the advantages and disadvantages of all the various loan programs, be sure to bring a list of questions. I or one of my lender contacts can help you understand the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, your mortgage lender is sure to keep to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who opt to float think that the interest rates will dip 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 interest rate

When you decide 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 loan. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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