Are you thinking of financing your new home? Piedmont Realty Inc can help.

When purchasing a home, applying for a loan is demanding for most people, but it doesn't have to be. I have a close relationship with various lending companies in Piedmont, and they've helped me understand some things that make the loan application process much easier.

1 – Create a list of questions regarding your loan program

If you find that you don't completely understand the advantages and disadvantages of the different programs, be sure you bring a list of questions. At times, it can be a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in the rate, a mortgage lender is guaranteed to keep 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 at any time between the loan application day and at the time of closing. Buyers who decide to float conclude that the interest rates will dip 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 reduce your rate

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

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of typical loan documentation.