Looking to finance a new home?

When buying a home, applying for the mortgage loan is distressing for many people, but it doesn't have to be. I'm close to a lot of lenders in Evansville, and they've helped me understand a few things that make the process of applying for a loan uncomplicated.

1 – Create a list of questions regarding your loan program

If you find that you don't thoroughly comprehend the pros and cons of all the different programs, make sure you bring a list of questions with you. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it indicates that the lender commits to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who elect to float believe that the interest rates will drop 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

If you elect to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with deciding if buying points is the best option for you.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.

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