Applying for your loan in Carthage with help from Charles Burt Homefolks

For a lot of people, applying for financing is one of the more troublesome elements of purchasing a house, but it doesn't have to be. I'm pretty close with several lending companies in the Carthage area, and they've helped me recognize some things that can make the loan application process very manageable.

1 – Compose a list of questions regarding your loan program

Be sure to have a list of questions with you if you find that you don't fully understand the ins and outs of all the different loan programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, the mortgage lender is sure to hold to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Those who decide to float presume the interest rates will fall 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 decrease your interest rate

Usually you can elect to pay additional points to lower the rate of your mortgage 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 – Bring your paperwork

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