Applying for a home loan

For a lot of people, applying for a mortgage loan can be one of the most stressful elements of purchasing a home, but it doesn't have to be. I'm well-connected to several lending companies in the Davenport area, and they've helped me realize some things that make the process of applying for a loan easy.

1 – Create a list of questions regarding your loan program

If you do not totally comprehend the ins and outs of all the various loan programs, be sure you bring a list of questions with you. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – normally 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 closing. Buyers who prefer to float conclude that interest rates will decline 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 reduce your rate

If you decide to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Bring your paperwork

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

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