Are you thinking about financing your new home?

A lot of people think applying for the loan is one of the most troublesome parts of buying a house, but it doesn't have to be. Being connected to some mortgage lenders in Loveland has helped me learn a few things that can make the process of applying for a loan much easier.

1 – Make a list of questions about your loan program

If you don't perfectly comprehend the ins and outs of all the different loan programs, be sure to have a list of questions with you. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, it denotes that your lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who elect to float think that interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to reduce your rate

If you opt to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. To determine if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring 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.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question