FirstPoint Real Estate can help you finance a home.

When purchasing a home, applying for the loan is a troublesome event for many people, but it doesn't have to be. I have a close business relationship with many lenders in Puyallup, and they've helped me realize some things that will make the loan application process uncomplicated.

1 – Compile a list of questions regarding your loan program

Make sure to bring a list of questions with you if you do not perfectly realize the advantages and disadvantages of the different loan programs. It is a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of each program.

2 – Decide when you want to lock

Locking in the rate means that your mortgage lender commits to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Those who decide to float conclude 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 – Decide if you want to pay additional points to decrease your rate

Typically you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Bring your paperwork

Getting 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.