Are you financing your home in Gloucester?

Applying for financing is one of the most distressing elements of buying a home, but it doesn't have to be. I have a close relationship with various lending companies in Gloucester, and they've helped me learn a few things that make the loan application process a snap.

1 – Put together a list of questions regarding your loan program

Be sure to have a list of questions if you find that you don't thoroughly realize the pros and cons of all the various programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in an interest rate signifies that a mortgage lender guarantees the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Those who decide to float think the interest rates will decline 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 reduce your interest rate

Oftentimes you can opt to pay additional points to lower the interest 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 buying points is right for you.

4 – Bring your paperwork

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

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