Applying for a new home loan with the help of FirstPoint Real Estate

Applying for a loan can be one of the most exasperating parts of buying a home for a buyer, but it doesn't have to be. Having connections to various lenders in Puyallup has helped me learn a few things that make the loan application process effortless.

1 – Compose a list of questions regarding your loan program

If you don't perfectly realize the ins and outs of the various loan programs, be sure to have a list of questions. It is hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in an interest rate, it denotes that your mortgage lender guarantees the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who decide to float think interest rates will fall 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 decrease your interest rate

Typically you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.