Are you going to finance your home?

Applying for a loan can be one of the most stressful elements of buying a house, but it doesn't have to be. I have a close business relationship with several lenders in Evansville, and they've helped me realize a few things that can make the loan application process pretty simple.

1 – Assemble a list of questions regarding your loan program

Be sure you have a list of questions if you find that you do not entirely understand the ins and outs of all the different programs. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each one, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, a mortgage lender is guaranteed to keep 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 day of your loan application and the issuing of closing documents. Buyers who opt to float presume that interest rates will drop 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

Generally you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

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

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