Thinking about financing your home in Clayton? Rhodes & Associates Realty can help.

A lot of people believe applying for the mortgage loan is one of the more exasperating parts of buying a house, but it doesn't have to be. I'm very close to several lending companies in the Clayton area, and they've helped me realize some things that will make the loan application process effortless.

1 – Create a list of questions regarding your loan program

If you do not entirely comprehend the advantages and disadvantages of all the various programs, make 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 each program, because it is hard to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, it signifies that the lender commits to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who opt to float think that the interest rates will fall 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

If you decide to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.

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