Are you going to finance your new home in Evansville?

For a lot of people, applying for mortgage financing can be one of the most stressful parts of buying a house, but it doesn't have to be. I'm well-connected to a lot of lenders in the Evansville area, and they've helped me understand some things that can make the process of applying for a loan very manageable.

1 – Organize a list of questions regarding your loan program

Make sure you have a list of questions if you do not completely comprehend the ins and outs of the various programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both programs, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, it designates that a mortgage lender holds to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who elect to float presume 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 reduce your rate

Normally you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details
By checking the box, you agree that Gammon Realty may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.