Applying for a Loan

1 – Make a list of questions regarding your loan program

Be sure you bring a list of questions if you find that you do not perfectly understand the advantages and disadvantages of all the different programs. I or one of my lenders can help you understand the advantages and disadvantages of both programs, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in an interest rate indicates that the 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 closing. Buyers who opt to float conclude the interest rates will fall 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 interest rate

When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if purchasing points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to preview common information that goes on a loan application.