Are you financing a home in Loveland? At Home Real Estate Company can help.

When buying a home, applying for the mortgage loan is stressful for a lot of people, but it doesn't have to be. I have a close relationship with various mortgage lenders in Loveland, and they've helped me understand some things that make the process of applying for a loan uncomplicated.

1 – Put together a list of questions regarding your loan program

If you find that you don't completely understand the advantages and disadvantages of all the various loan programs, make sure to bring a list of questions. At times, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

By locking in the interest rate, a mortgage lender is keeping to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who prefer to float presume 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 lower your rate

When you opt to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of normal loan documentation.

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