Are you thinking of financing a home?

When purchasing a home, applying for a mortgage loan is a demanding event for a lot of people, but it doesn't have to be. I have a close business relationship with various mortgage lenders in the Columbus area, and they've helped me realize a few things that will make the loan application process very easy.

1 – Compile a list of questions about your loan program

If you find that you do not perfectly realize the advantages and disadvantages of the different programs, be sure you bring a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in an interest rate, a lender is keeping to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who decide to float presume 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 lower your rate

Generally you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with determining if buying points is right for you.

4 – Compile your paperwork

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