Applying For A Loan
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For many buyers, applying for the mortgage loan is one of the more stressful parts of buying a new home. However, the application process does not have be that difficult. By following a few simple steps, you'll make it through the loan application process faster, efficiently and without worry.
Gather a list of any questions you have about the loan program
Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages
Determine whether or not you want to lock-in or float the loan's interest rate
Locking-in the rate means that the lender commits to the mortgage interest rate for the loan normally at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers will "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, which would increase the mortgage payment.
Decide if you want to pay additional points to lower your interest rate
Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
Gather all of your essential paperwork for the Loan Officer.
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