Are you looking to finance a home?

Applying for the loan is one of the most distressing aspects of purchasing a home for a buyer, but it doesn't have to be. I have a close relationship with some mortgage lenders in Fall River, and they've helped me learn a few things that will make the loan application process uncomplicated.

1 – Assemble a list of questions about your loan program

If you find that you do not entirely comprehend the pros and cons of all the various programs, make sure you have a list of questions. It is often a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

Locking in the rate indicates that the lender holds to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who choose to float presume the interest rates will plunge 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 elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. If you're unsure if buying points is right 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 all your documents together. Click here for a list of typical loan documentation.

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