Applying for a loan

When purchasing a home, applying for a loan is a very stressful event for many people, but it doesn't have to be. I have a close business relationship with many lenders in Concord, and they've helped me learn a few things that can make the loan application process effortless.

1 – Make a list of questions about your loan program

If you find that you don't entirely realize the pros and cons of all the various loan programs, make sure you bring a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it can be a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in designates that a mortgage lender holds to the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who elect to float think the interest rates will dip 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 decrease your interest rate

When you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.

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