Applying for your home loan

Applying for the mortgage loan is one of the most distressing aspects of buying a home, but it doesn't have to be. I'm pretty close to some lending companies in the Waterville area, and they've helped me realize some things that will make the loan application process easy.

1 – Make a list of questions about your loan program

Make sure you have a list of questions with you if you do not completely understand the ins and outs of all the different programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in an interest rate denotes that the lender commits to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who prefer to float think that the interest rates will fall 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

If you elect to pay additional points to lower the interest rate of your mortgage 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. It will help you decide if buying points is the best option for you.

4 – Gather your paperwork

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

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