Let E Z Home Search Real Estate Inc. help you with financing your home in Fall River.

A lot of people believe applying for financing is one of the more demanding parts of buying a home, but it doesn't have to be. I'm connected to various lending companies in Fall River, and they've helped me understand some things that will make the process of applying for a loan easy.

1 – Assemble a list of questions regarding your loan program

If you don't thoroughly realize the advantages and disadvantages of the different programs, be sure you have a list of questions with you. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, your mortgage lender is guaranteeing the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Those who decide to float believe 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

If you elect to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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

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