Are you thinking about financing your home?

Applying for the loan can be one of the most exasperating aspects of purchasing a house, but it doesn't have to be. I have a close relationship with various lenders in the Waterville area, and they've helped me recognize some things that can make the loan application process pretty simple.

1 – Compose a list of questions regarding your loan program

If you find that you do not entirely realize the ins and outs of the different programs, make sure you have a list of questions. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, the lender is sure to commit to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those 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 lower your rate

When you elect to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

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 general loan documentation.