Applying for your new home loan with help from Piedmont Realty Inc

Applying for the mortgage loan is one of the most demanding parts of buying a house, but it doesn't have to be. Being connected with many lending companies in Piedmont has helped me recognize a few things that can make the process of applying for a loan very easy.

1 – Make a list of questions regarding your loan program

If you find that you don't completely understand the pros and cons of all the different loan programs, be sure to bring a list of questions. At times, it can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in the interest rate, it indicates that a mortgage lender commits to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Those who opt to float think that interest rates will decline 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

Typically you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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