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

When purchasing a home, applying for the mortgage loan is very distressing for many people, but it doesn't have to be. I'm very familiar with several lenders in the Fall River area, and they've helped me realize a few things that can make the process of applying for a loan very easy.

1 – Compose a list of questions about your loan program

If you find that you don't fully realize the ins and outs of the different programs, make sure you bring a list of questions with you. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate denotes that your mortgage lender guarantees the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who decide to float conclude 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 lower your interest rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if purchasing points is right for you.

4 – Compile your paperwork

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

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