Thinking about financing a home in Prairieville?

Applying for a loan can be one of the most exasperating elements of buying a house, but it doesn't have to be. I have a close relationship with a lot of lending companies in Prairieville, and they've helped me realize some things that will make the process of applying for a loan very easy.

1 – Make a list of questions about your loan program

If you do not entirely comprehend the ins and outs of all the various programs, make 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 trusted lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the rate, it signifies that your mortgage lender commits to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who choose to float presume the 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

If you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring 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.