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

For a lot of people, applying for the mortgage loan can be one of the most troublesome elements of purchasing a home, but it doesn't have to be. I'm close with a lot of mortgage lenders in the Fayetteville area, and they've helped me understand some things that can make the process of applying for a loan very easy.

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

Be sure to bring a list of questions if you don't fully realize the ins and outs of the various programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program, because it is a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, your mortgage lender is sure to commit 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 day of your loan application and the issuing of closing documents. Buyers who prefer to float believe 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

Usually 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. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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