Are you going to finance a new home in Piedmont?

A lot of people believe applying for the loan is one of the most demanding parts of purchasing a house, but it doesn't have to be. I'm close with many lenders in Piedmont, and they've helped me realize some things that make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

Be sure you bring a list of questions if you find that you don't completely realize the pros and cons of all the various loan programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it's hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the rate designates that your mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Those who decide to float presume 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 rate

If you opt to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Gather your paperwork

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