Applying for a home loan in Carthage

Applying for mortgage financing can be one of the most stressful parts of buying a house for a buyer, but it doesn't have to be. Having connections to many lenders in the Carthage area has helped me learn some things that can make the loan application process very manageable.

1 – Compose a list of questions regarding your loan program

Be sure you bring a list of questions with you if you do not totally understand the ins and outs of the different loan programs. It is hard to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

By locking in an interest rate, your lender is guaranteeing the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who prefer to float conclude the interest rates will plunge 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 decrease your rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're not sure if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.