Are you going to finance a new home in Annapolis? Berkshire Hathaway Home Services PenFed Realty can help.

For many people, applying for mortgage financing can be one of the most demanding aspects of buying a house, but it doesn't have to be. I'm well-connected with some lenders in Annapolis, and they've helped me learn some things that will make the loan application process uncomplicated.

1 – Organize a list of questions about your loan program

Make sure to have a list of questions with you if you find that you do not thoroughly understand the advantages and disadvantages of all the various loan programs. It can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

By locking in the interest rate, your mortgage lender is keeping 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 application and closing. Buyers who decide to float believe interest rates will decline 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 reduce your rate

Normally you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. It will help you determine if purchasing points is right for you.

4 – Bring your paperwork

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

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