Applying for a home loan with the help of All Seasons Realty

Applying for the mortgage loan is one of the most distressing aspects of purchasing a home for a buyer, but it doesn't have to be. Being familiar with several lending companies in the Davenport area has helped me realize some things that can make the loan application process much easier.

1 – Compose a list of questions about your loan program

Make sure to bring a list of questions if you do not completely understand the ins and outs of all the different loan programs. It is hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when to lock

By locking in the interest rate, your mortgage lender is holding to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who prefer to float conclude that 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 decrease your interest rate

Generally you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're unsure if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage 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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