Thinking about financing your home?

Applying for a mortgage loan is one of the most troublesome elements of purchasing a home, but it doesn't have to be. I have a close business relationship with many lenders in Cape Girardeau, and they've helped me recognize some things that can make the process of applying for a loan pretty simple.

1 – Organize a list of questions regarding your loan program

Make sure to have a list of questions if you do not perfectly realize the pros and cons of the different programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in an interest rate means that your lender holds to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who elect to float think that the interest rates will dip 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 decrease your rate

Typically you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with determining if purchasing points is the best option for you.

4 – Compile your paperwork

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

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