Are you thinking of financing your home? E Z Home Search Real Estate Inc. can help.

Many people believe applying for the loan is one of the more troublesome aspects of purchasing a home, but it doesn't have to be. I'm pretty connected with a lot of lenders in Fall River, and they've helped me recognize a few things that can make the process of applying for a loan very manageable.

1 – Put together a list of questions regarding your loan program

If you find that you don't fully understand the pros and cons of the various programs, make sure you have a list of questions. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, it denotes that the mortgage lender holds to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who opt to float conclude that interest rates will decline 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

Usually you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.

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