Applying for a home loan with help from EZ Home Search Real Estate

Applying for the mortgage loan is one of the most distressing parts of buying a house, but it doesn't have to be. I'm connected to many lenders in Fall River, and they've helped me learn some things that will make the loan application process effortless.

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

Make sure you have a list of questions if you find that you do not entirely understand the ins and outs of all the different programs. It is a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each one.

2 – Determine when to lock

Locking in a rate denotes that the mortgage lender holds to the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who decide to float believe the interest rates will plunge 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

When you decide to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're uncertain if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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