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

Applying for a loan can be one of the most demanding elements of buying a home, but it doesn't have to be. Having connections with many lending companies in the Clayton area has helped me realize some things that will make the loan application process a breeze.

1 – Create a list of questions about your loan program

Make sure to bring a list of questions if you find that you do not entirely understand the ins and outs of the different loan programs. It is hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

By locking in the interest rate, a lender is holding to the 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 the day of your loan application and closing. Buyers who decide 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 – Determine if you want to pay additional points to decrease your interest rate

Usually you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if purchasing points is the best option 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 documentation together. Click here to get a list of typical loan documentation.

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