Charles Burt Homefolks can help you with financing a new home in Carthage.

When buying a home, applying for the loan is troublesome for a lot of people, but it doesn't have to be. Being connected with various mortgage lenders in the Carthage area has helped me understand some things that make the loan application process a snap.

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

Make sure you have a list of questions if you don't fully understand the advantages and disadvantages of all the various programs. It can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

When you lock in an interest rate, it indicates that the lender guarantees the interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who opt to float believe the interest rates will dip 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

Normally you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To determine if you should purchase points, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of typical loan documentation.