Applying for your new home loan in Columbus

A lot of people believe that applying for the loan is one of the more demanding elements of purchasing a home, but it doesn't have to be. I'm pretty connected with some lending companies in Columbus, and they've helped me learn some things that will make the process of applying for a loan pretty simple.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions with you if you find that you do not fully realize the pros and cons of the various loan programs. I or one of my lenders can help you understand the advantages and disadvantages of each one, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

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

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

4 – Compile your paperwork

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