Are you thinking about financing your home?

When buying a home, applying for a loan is distressing for many people, but it doesn't have to be. I have a close business relationship with various lenders in the Prairieville area, and they've helped me learn some things that will make the loan application process very easy.

1 – Organize a list of questions regarding your loan program

Be sure you have a list of questions with you if you find that you do not entirely realize the pros and cons of all the various programs. Oftentimes, it can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

Locking in means that the mortgage lender guarantees the mortgage interest rates for the loan – ordinarily 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 opt 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 – Decide if you want to pay additional points to lower your rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of general loan documentation.