Are you going to finance a new home? Premier Investment Team can help.

For many people, applying for the loan can be one of the most distressing parts of buying a house, but it doesn't have to be. I'm pretty well-connected with some lending companies in the Fayetteville area, and they've helped me recognize some things that can make the process of applying for a loan a snap.

1 – Assemble a list of questions regarding your loan program

Make sure you have a list of questions if you find that you do not perfectly realize the advantages and disadvantages of the different programs. At times, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

Locking in an interest rate means that the mortgage lender holds to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who elect to float presume the interest rates will fall 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

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

4 – Gather your paperwork

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

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question