Do you want to finance your home in Puyallup? FirstPoint Real Estate can help.

When buying a home, applying for a loan is a stressful event for a lot of people, but it doesn't have to be. Being close to many lending companies in Puyallup has helped me realize some things that make the loan application process much easier.

1 – Compose a list of questions regarding your loan program

If you find that you don't entirely realize the advantages and disadvantages of all the various loan programs, be sure to have a list of questions with you. It is often a challenge to understand 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 both.

2 – Decide when you want to lock

When you lock in a rate, it means that a lender commits to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who prefer to float presume interest rates will decline 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

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring 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 typical loan documentation.