Are you going to finance a new home?

For most people, applying for a mortgage loan is one of the most troublesome parts of purchasing a house, but it doesn't have to be. I'm pretty well-connected with a lot of mortgage lenders in the Fayetteville area, and they've helped me recognize some things that make the process of applying for a loan uncomplicated.

1 – Organize a list of questions regarding your loan program

If you find that you do not thoroughly understand the advantages and disadvantages of all the different programs, make sure to have a list of questions. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it's hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate designates that the lender keeps to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who opt to float believe that the interest rates will plunge 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

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

4 – Gather your paperwork

Obtaining a loan requires a lot 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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