Applying for a new home loan in Carthage

When buying a home, applying for the mortgage loan is a troublesome event for many people, but it doesn't have to be. I'm close with various lending companies in Carthage, and they've helped me understand some things that make the loan application process very easy.

1 – Make a list of questions about your loan program

Make sure you have a list of questions if you find that you do not thoroughly understand the ins and outs of all the various loan programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it is hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, your mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – typically 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 closing. Those who prefer to float believe that the interest rates will dip 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 lower your interest rate

Normally you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.