Applying for a new home loan in Prairieville with the help of Weichert, Realtors - Villar and Company

Applying for a mortgage loan is one of the most exasperating parts of buying a home for a buyer, but it doesn't have to be. Being familiar with many lending companies in the Prairieville area has helped me recognize some things that will make the process of applying for a loan uncomplicated.

1 – Put together a list of questions about your loan program

If you find that you don't completely understand the pros and cons of the different loan programs, make sure you have a list of questions. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, a mortgage lender is committing to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who elect to float conclude the interest rates will plunge 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 decrease your interest rate

Usually you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're not sure if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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