Thinking of financing a home?

Applying for the loan can be one of the most distressing parts of purchasing a home, but it doesn't have to be. Being close to some lenders in the Fall River area has helped me understand some things that will make the process of applying for a loan a breeze.

1 – Make a list of questions about your loan program

Be sure to have a list of questions with you if you find that you do not totally understand the advantages and disadvantages of the various programs. It is a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both.

2 – Determine when to lock

By locking in the rate, a mortgage lender is guaranteeing the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who choose to float think interest rates will dip 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 mortgage loan and is payable in cash at closing. To determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.

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