Thinking of financing a new home in Loveland?

Applying for mortgage financing is one of the most demanding parts of purchasing a home for a buyer, but it doesn't have to be. I'm pretty connected to some mortgage lenders in Loveland, and they've helped me understand a few things that can make the process of applying for a loan much easier.

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

Make sure you bring a list of questions if you don't completely understand the advantages and disadvantages of the various programs. At times, it can be a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Decide when to lock

Locking in the rate signifies that the mortgage lender commits to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who elect to float conclude interest rates will decline 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 lower your interest rate

When you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. To decide 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.

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