Applying for your home loan in Prairieville

Many buyers think that applying for financing is one of the more exasperating elements of buying a house, but it doesn't have to be. I have a close relationship with some lending companies in the Prairieville area, and they've helped me understand a few things that can make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

If you find that you don't entirely comprehend the ins and outs of the various programs, be sure to bring a list of questions. At times, it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the rate, it means that your mortgage lender guarantees the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who choose to float conclude that 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 rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. If you're unsure as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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