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Are you thinking of financing your home?

Applying for a mortgage loan can be one of the most distressing aspects of buying a house, but it doesn't have to be. I have a close relationship with several mortgage lenders in the Lewisburg area, and they've helped me learn some things that can make the process of applying for a loan very manageable.

1 – Organize a list of questions regarding your loan program

Be sure you bring a list of questions if you do not perfectly understand the ins and outs of the various loan programs. It can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in the interest rate, your mortgage lender is guaranteed to hold to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who prefer to float think that the interest rates will fall 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 lower your interest rate

If you decide to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you in determining if buying points is the best option for you.

4 – Gather your paperwork

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

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