Are you going to finance a home?

When purchasing a home, applying for a loan is very exasperating for most people, but it doesn't have to be. I'm pretty well-connected to several lending companies in the Evansville area, and they've helped me learn some things that make the loan application process uncomplicated.

1 – Put together a list of questions regarding your loan program

If you find that you do not fully understand the pros and cons of all the different loan programs, make sure you have a list of questions with you. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, your lender is committing to the interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who elect to float believe that 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 lower your rate

When you decide to pay additional points to lower the rate of your loan, you will do so by paying 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 right for you.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of general loan documentation.

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