Are you financing your new home in Puyallup?

For many people, applying for financing is one of the most exasperating parts of buying a home, but it doesn't have to be. I have a close relationship with many lenders in Puyallup, and they've helped me learn a few things that can make the loan application process very easy.

1 – Compose a list of questions about your loan program

If you find that you do not thoroughly understand the ins and outs of the various programs, make sure to have a list of questions. I or one of my lenders will help you understand the advantages and disadvantages of both programs, because it is hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate signifies that the mortgage lender holds to the mortgage interest rates for the loan – generally 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 your loan and issuance of closing documents. Those who opt to float think that interest rates will plunge 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 reduce your rate

Oftentimes you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if buying points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of general loan documentation.