Do you want to finance a home?

A lot of buyers believe applying for financing is one of the most demanding aspects of buying a house, but it doesn't have to be. I'm very well-connected with a lot of lending companies in Fall River, and they've helped me understand 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 don't perfectly understand the ins and outs of the various programs, make sure you bring a list of questions with you. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate means that a mortgage lender commits to the 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 loan application day and issuance of closing documents. Buyers who prefer to float presume the 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 decrease your interest rate

Generally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To decide 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 take some time to get all your documents together. Click here to get a list of common loan documentation.

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