Thinking about financing your home in Concord? Premier Real Estate Team, Inc can help.

Most buyers believe applying for the loan is one of the most exasperating aspects of purchasing a house, but it doesn't have to be. I have a close relationship with several lending companies in Concord, and they've helped me realize a few things that make the loan application process easy.

1 – Organize a list of questions regarding your loan program

If you do not fully realize the pros and cons of the various loan programs, be sure to have a list of questions. It is often hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the interest rate, it means that a mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who prefer to float believe that the interest rates will fall 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 lower your rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're undecided on whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of common loan documentation.

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