Thinking of financing your home in Piedmont?

For most people, applying for the loan is one of the more stressful aspects of buying a house, but it doesn't have to be. Being familiar with several lenders in Piedmont has helped me learn a few things that will make the loan application process uncomplicated.

1 – Organize a list of questions regarding your loan program

If you find that you don't completely understand the pros and cons of the various programs, be sure to bring a list of questions. It can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in an interest rate, it designates that your mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who opt to float conclude interest rates will plunge 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 interest rate

If you choose to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is the best option for you.

4 – Bring your paperwork

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