Are you financing your home in Clayton? Rhodes & Associates Realty can help.

When purchasing a home, applying for a mortgage loan is a demanding event for many people, but it doesn't have to be. I have a close business relationship with various mortgage lenders in the Clayton area, and they've helped me recognize some things that make the loan application process easy.

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

Make sure to have a list of questions if you do not totally realize the ins and outs of the various programs. Oftentimes, it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

By locking in the interest rate, a lender is keeping to the mortgage interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who choose to float conclude that the interest rates will drop 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 lower your rate

Typically you can decide 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. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots 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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