Applying for your new home loan in Evansville with the help of Gammon Realty

When purchasing a home, applying for financing is a very troublesome event for a lot of people, but it doesn't have to be. Being close with a lot of lenders in Evansville has helped me realize a few things that make the loan application process uncomplicated.

1 – Compile a list of questions about your loan program

Be sure you bring a list of questions if you find that you do not perfectly realize the pros and cons of the various loan programs. It can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in an interest rate, your mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who prefer to float believe interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to reduce your interest rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

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

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