Looking to finance a new home in Clayton? Rhodes & Associates Realty can help.

When purchasing a home, applying for the loan is a very demanding event for most people, but it doesn't have to be. I'm pretty close with some mortgage lenders in Clayton, and they've helped me recognize some things that make the process of applying for a loan very easy.

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

If you do not totally understand the ins and outs of the various loan programs, be sure you bring a list of questions. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, your lender is keeping to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who opt to float think that the interest rates will plunge 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

When you opt to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of normal loan documentation.

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