Are you looking to finance a home in Annapolis?

For many people, applying for financing is one of the more demanding aspects of buying a house, but it doesn't have to be. I'm well-connected to many lenders in the Annapolis area, and they've helped me recognize a few things that will make the process of applying for a loan a snap.

1 – Compose a list of questions regarding your loan program

If you do not thoroughly understand the pros and cons of all the various programs, make sure you bring a list of questions. It can be a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in an interest rate, it indicates that the mortgage lender guarantees the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who choose 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 – Determine if you want to pay additional points to lower your interest rate

Typically you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.

Looking to Buy?

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