Are you going to finance a home? Southern Trade Realty, Inc. can help.

Applying for mortgage financing is one of the most stressful parts of buying a home, but it doesn't have to be. Being close to several lending companies in Gloucester has helped me realize some things that make the loan application process very easy.

1 – Create a list of questions regarding your loan program

If you don't totally realize the advantages and disadvantages of all the different loan programs, make sure you have a list of questions with you. Oftentimes, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when to lock

Locking in a rate designates that your mortgage lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who decide to float believe 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 rate

Typically you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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