Do you want to finance your new home in Annapolis?

When buying a home, applying for the loan is stressful for a lot of people, but it doesn't have to be. Being familiar with some mortgage lenders in the Annapolis area has helped me realize some things that can make the process of applying for a loan pretty simple.

1 – Create a list of questions about your loan program

Be sure to bring a list of questions with you if you find that you don't totally realize the ins and outs of the various loan programs. At times, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

By locking in an interest rate, a lender is committing to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who prefer to float conclude 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

When you opt to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Bring your paperwork

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

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