Are you going to finance a new home in Clayton?

Applying for the loan can be one of the most troublesome aspects of purchasing a home for a buyer, but it doesn't have to be. Having connections with some lenders in the Clayton area has helped me realize a few things that can make the process of applying for a loan effortless.

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

If you do not totally understand the ins and outs of all the different loan programs, be sure to have a list of questions with you. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both programs, because it's a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, it denotes that a mortgage lender holds to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who elect to float conclude 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 reduce your rate

Typically you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.

4 – Bring your paperwork

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

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