Are you going to finance your home?

For most people, applying for mortgage financing can be one of the most demanding aspects of buying a house, but it doesn't have to be. I have a close relationship with a lot of lending companies in the Stratford area, and they've helped me understand a few things that can make the process of applying for a loan pretty simple.

1 – Organize a list of questions about your loan program

If you don't completely comprehend the ins and outs of all the different loan programs, be sure to bring a list of questions with you. It is hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both programs.

2 – Decide when you want to lock

When you lock in the rate, it indicates that the mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who opt to float believe that 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 interest rate

Usually you can opt to pay additional points to lower the 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. It will assist you in determining if purchasing points is the best option for you.

4 – Compile your paperwork

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

Looking to Buy?

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