Let SMART MOVE, REALTORS help you apply for a loan in Columbus.

For many people, applying for the loan is one of the most stressful parts of buying a home, but it doesn't have to be. I have a close business relationship with a lot of lenders in the Columbus area, and they've helped me learn a few things that will make the process of applying for a loan a breeze.

1 – Organize a list of questions about your loan program

If you don't completely comprehend the ins and outs of all the different loan programs, be sure to bring a list of questions. It is a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

By locking in a rate, the mortgage lender is keeping to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who prefer to float think interest rates will plunge 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 rate

Oftentimes you can decide 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. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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