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

Most people believe that applying for the mortgage loan is one of the more demanding elements of buying a home, but it doesn't have to be. I'm pretty connected with some mortgage lenders in Loveland, and they've helped me realize some things that will make the loan application process uncomplicated.

1 – Create a list of questions regarding your loan program

If you do not fully comprehend the pros and cons of all the different programs, make sure to have a list of questions with you. I or one of my lenders will help you understand the advantages and disadvantages of both programs, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, the mortgage lender is keeping to the interest rates for the loan – most often 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 elect to float think that 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 rate

Generally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

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

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