Applying for your home loan with help from Charles Burt Homefolks

Applying for mortgage financing is one of the most exasperating parts of purchasing a home for a buyer, but it doesn't have to be. I'm very connected with many lenders in the Carthage area, and they've helped me learn some things that will make the loan application process a snap.

1 – Organize a list of questions regarding your loan program

If you find that you do not completely comprehend the advantages and disadvantages of all the various programs, make sure to bring a list of questions with you. Oftentimes, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both.

2 – Decide when to lock

By locking in the rate, your lender is committing to the interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who choose to float conclude interest rates will plunge 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 interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. If you're uncertain if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining 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 common loan documentation.