Do you wish to finance a home? FirstPoint Real Estate can help.

When buying a home, applying for the mortgage loan is very troublesome for a lot of people, but it doesn't have to be. I'm pretty well-connected with some mortgage lenders in Puyallup, and they've helped me understand a few things that make the loan application process pretty simple.

1 – Organize a list of questions regarding your loan program

Be sure to have a list of questions if you don't totally comprehend the ins and outs of the various loan programs. At times, it can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Determine when to lock

Locking in the interest rate means that a mortgage lender keeps to the interest rates for the loan – normally 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 choose to float think that the interest rates will dip 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

When you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.