Applying for your loan in Puyallup with the help of FirstPoint Real Estate

Many buyers think that applying for the mortgage loan is one of the most distressing elements of buying a house, but it doesn't have to be. I'm very well-connected with several lenders in Puyallup, and they've helped me understand a few things that can make the loan application process very easy.

1 – Make a list of questions about your loan program

If you do not fully realize the pros and cons of the various loan programs, make sure you bring a list of questions. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program, because it's a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in an interest rate, a mortgage lender is holding to 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 the day you apply for the loan and the issuing of closing documents. Those who opt to float think 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 reduce your interest rate

Oftentimes you can choose 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 closing. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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