Applying for a home loan in Carthage with the help of Charles Burt Homefolks

When buying a home, applying for a mortgage loan is very exasperating for most people, but it doesn't have to be. I'm pretty close with a lot of mortgage lenders in the Carthage area, and they've helped me realize some things that make the loan application process uncomplicated.

1 – Compose a list of questions about your loan program

Be sure to have a list of questions with you if you find that you don't totally realize the ins and outs of the different loan programs. At times, it can be hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in the rate, your lender is keeping to the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who decide to float conclude the interest rates will drop 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 elect 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. If you're uncertain as to whether or not purchasing points is right for you, 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 documents together. Click here for a list of normal loan documentation.