Looking to finance a new home in Annapolis?

Applying for the mortgage loan can be one of the most exasperating aspects of buying a house for a buyer, but it doesn't have to be. Having connections to a lot of lending companies in the Annapolis area has helped me recognize a few things that will make the process of applying for a loan very manageable.

1 – Compose a list of questions regarding your loan program

Make sure to have a list of questions with you if you do not completely understand the advantages and disadvantages of all the various programs. It can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each.

2 – Determine when to lock

Locking in the interest rate denotes that the mortgage lender holds to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who decide to float presume interest rates will dip 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 reduce your rate

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

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here for a list of typical loan documentation.