Applying for your home loan

For most people, applying for financing can be one of the more distressing parts of buying a home, but it doesn't have to be. I'm well-connected to many lenders in the Loveland area, and they've helped me understand some things that make the loan application process much easier.

1 – Compile a list of questions about your loan program

If you find that you don't completely understand the pros and cons of all the different loan programs, make sure you have a list of questions. It is often hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Decide when to lock

By locking in an interest rate, a mortgage lender is keeping to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and closing. Buyers who choose to float conclude the interest rates will fall 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 decide to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.

4 – Compile your paperwork

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

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