Let Berkshire Hathaway Home Services PenFed Realty help you apply for your loan.

Applying for a loan is one of the most distressing elements of purchasing a house for a buyer, but it doesn't have to be. Having connections to some lenders in Annapolis has helped me recognize a few things that will make the loan application process easy.

1 – Make a list of questions about your loan program

If you do not completely comprehend the advantages and disadvantages of all the different programs, be sure you bring a list of questions with you. Oftentimes, it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in a rate, it indicates that your lender commits to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Buyers who opt to float conclude the interest rates will dip 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 interest rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you in determining if purchasing points is right for you.

4 – Compile your paperwork

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

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