Are you going to finance a new home?

Most buyers believe applying for the mortgage loan is one of the more stressful parts of purchasing a house, but it doesn't have to be. I have a close relationship with a lot of lending companies in Flowery Branch, and they've helped me understand some things that make the process of applying for a loan much easier.

1 – Assemble a list of questions about your loan program

If you find that you don't thoroughly understand the pros and cons of all the various programs, make sure to have a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program, because it's a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in denotes that your lender commits to the mortgage 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 day you apply for your loan and closing. Those who elect to float believe 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 reduce your rate

Oftentimes you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To decide if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of typical loan documentation.