Are you going to finance your new home in Fall River?

A lot of buyers believe that applying for mortgage financing is one of the most troublesome parts of buying a home, but it doesn't have to be. I have a close relationship with several lending companies in the Fall River area, and they've helped me realize a few things that make the loan application process pretty simple.

1 – Compose a list of questions about your loan program

Be sure you bring a list of questions if you don't totally realize the advantages and disadvantages of all the various loan programs. It is often a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in an interest rate, your lender is guaranteed to keep to the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and closing. Those who choose to float think 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 – Determine if you want to pay additional points to decrease your rate

If you elect to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.

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