Are you financing your home in Carthage? Charles Burt Homefolks can help.

For most people, applying for the loan is one of the more demanding aspects of purchasing a home, but it doesn't have to be. I have a close relationship with some mortgage lenders in the Carthage area, and they've helped me understand some things that make the loan application process very manageable.

1 – Make a list of questions regarding your loan program

If you find that you don't perfectly comprehend the pros and cons of the various programs, make sure you bring a list of questions with you. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it is a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in means that your mortgage lender holds to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and closing. Those who prefer to float think that 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 reduce your interest rate

Typically you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.