Applying for your new home loan

When purchasing a home, applying for a mortgage loan is a very stressful event for most people, but it doesn't have to be. I have a close relationship with some mortgage lenders in Davenport, and they've helped me learn some things that will make the process of applying for a loan very manageable.

1 – Put together a list of questions about your loan program

Make sure you have a list of questions with you if you find that you do not perfectly realize the advantages and disadvantages of all the various loan programs. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both programs, because it is hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, the mortgage lender is guaranteeing the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who elect to float presume that 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 decrease your interest rate

If you choose to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Bring your paperwork

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

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