Getting your loan locked down is just one aspect of getting into a new home. Jack Gaughen Network Services Hower & Associates is seasoned at helping both new and experienced buyers alike in all areas of real estate. Call me today at 717-436-8200 if your needs include a professional REALTOR® ready for the business side of real estate.

Jack Gaughen Network Services Hower & Associates can assist you in financing a new home in Mifflintown.

When buying a home, the loan application is troublesome for many people, but it doesn't have to be. I have close working relationships with several mortgage lenders in Mifflintown, and they've helped me understand a few things that can make the loan application process easy.

1 – Make a list of questions about your loan program

If you don't perfectly understand the ins and outs of all the different programs, be sure to bring a list of questions with you. It's hard to know the differences between fixed and adjustable rate mortgages. One of my trusted lenders or I will be able to assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

Locking in the interest rate means that a mortgage lender holds to the interest rates for the loan – typically at the time the loan application is sent in. 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 prefer to float believe that the interest rates will drop 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 interest rate

Typically you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use my points calculator.

 

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a feel for normal information that goes on a loan application.