
	Getting your loan locked down is just one part of a real estate transaction. Prudential Carruthers, REALTORS® is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Call us today at 410-647-8000 ext. 817 if your needs include a real estate pro ready for the business side of real estate.

Thinking about financing a home in Severna Park?

When buying a home, applying for the mortgage loan is stressful for a lot of people, but it doesn't have to be. Being close to various lending companies in the Severna Park area has helped me understand a few things that can make the process of applying for a loan very manageable.

1 – Assemble a list of questions regarding your loan program

If you do not thoroughly understand the advantages and disadvantages of all the different loan programs, make sure you bring a list of questions with you. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it's hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it signifies that your lender keeps to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who decide to float presume 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

When you elect to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to see general information that goes on a loan application.

Prudential Carruthers, REALTORS® 565 Benfield Road Severna Park, MD 21146

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