Let Coldwell Banker Plourde Real Estate assist you in applying for your home loan in Waterville.

When purchasing a home, applying for financing is a stressful event for many people, but it doesn't have to be. Having connections with a lot of lenders in Waterville has helped me recognize a few things that make the loan application process very easy.

1 – Create a list of questions about your loan program

Be sure you have a list of questions if you do not thoroughly realize the ins and outs of the various programs. At times, it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in a rate, it signifies that a mortgage lender guarantees the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who opt to float conclude the interest rates will drop 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 rate

If you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're uncertain as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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