Do you wish to finance a home in Waterville?

For many people, applying for the loan can be one of the most stressful elements of purchasing a home, but it doesn't have to be. I have a close relationship with many mortgage lenders in the Waterville area, and they've helped me learn some things that can make the process of applying for a loan a breeze.

1 – Compose a list of questions about your loan program

If you find that you don't fully realize the pros and cons of the various programs, make sure you bring a list of questions. It's a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

Locking in means that a mortgage lender guarantees the mortgage interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who choose to float conclude interest rates will decline 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

If you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To determine if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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