Are you thinking of financing a home in Prairieville?

Applying for the mortgage loan is one of the most exasperating elements of buying a house for a buyer, but it doesn't have to be. Being connected to many lending companies in Prairieville has helped me learn a few things that can make the process of applying for a loan very easy.

1 – Compose a list of questions about your loan program

Make sure you bring a list of questions if you don't thoroughly realize the advantages and disadvantages of all the different programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it's a challenge to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the interest rate, the mortgage lender is keeping to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who decide to float conclude the interest rates will decline 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 lower your interest rate

When you opt to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.