Are you going to finance a new home in Concord?

Applying for mortgage financing can be one of the most stressful parts of buying a house, but it doesn't have to be. Being familiar with various lenders in Concord has helped me recognize some things that can make the process of applying for a loan a snap.

1 – Compose a list of questions about your loan program

If you find that you do not totally realize the advantages and disadvantages of the different programs, be sure to have a list of questions. It can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one.

2 – Decide when to lock

When you lock in the rate, a lender is guaranteed to commit to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who opt to float conclude 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 – Decide if you want to pay additional points to reduce your interest rate

Typically you can choose to pay additional points to lower the interest 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 assist you with deciding if buying points is right for you.

4 – Gather your paperwork

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

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