Are you financing your new home?

Most people think applying for mortgage financing is one of the most demanding parts of buying a house, but it doesn't have to be. Being connected to several mortgage lenders in Annapolis has helped me recognize some things that will make the loan application process pretty simple.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions if you find that you don't entirely realize the ins and outs of the different programs. It's a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

By locking in the rate, a lender is guaranteeing the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who elect to float presume that 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 rate

When you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if buying points is the best option for you.

4 – Bring your paperwork

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

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