Applying for a new home loan in Waterville with the help of Coldwell Banker Plourde Real Estate

When purchasing a home, applying for the loan is very exasperating for many people, but it doesn't have to be. Being connected with several mortgage lenders in the Waterville area has helped me recognize a few things that will make the process of applying for a loan pretty simple.

1 – Compile a list of questions about your loan program

If you find that you don't perfectly comprehend the ins and outs of all the different loan programs, be sure you have a list of questions. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it is hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in signifies that a lender guarantees the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who decide to float think interest rates will fall 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 lower your interest rate

When you choose to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

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