Thinking about financing a new home in Waterville?

Most buyers think that applying for financing is one of the more stressful elements of purchasing a home, but it doesn't have to be. I have a close business relationship with many mortgage lenders in Waterville, and they've helped me recognize some things that will make the process of applying for a loan much easier.

1 – Compose a list of questions regarding your loan program

If you don't perfectly realize the advantages and disadvantages of the various programs, make sure to have a list of questions with you. It can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in an interest rate, it designates that your lender commits 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 anytime between the day you apply for your loan and at the time of closing. Those who opt to float conclude that 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

Oftentimes you can opt to pay additional points to lower the rate of your mortgage loan. Each 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 with deciding if purchasing points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of normal loan documentation.

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