Thinking about financing your home in Annapolis?

When purchasing a home, applying for the mortgage loan is a distressing event for many people, but it doesn't have to be. I'm very close with a lot of mortgage lenders in Annapolis, and they've helped me understand a few things that will make the loan application process pretty simple.

1 – Compose a list of questions regarding your loan program

Be sure you have a list of questions with you if you do not thoroughly comprehend the ins and outs of all the various programs. It is hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in the rate, it denotes that the lender commits to the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Buyers who decide to float believe the interest rates will plunge 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

Oftentimes you can opt to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.

4 – Bring your paperwork

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

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