Latte Stone Properties, LLC can help you apply for your home loan in Tamuning.

Applying for financing is one of the most exasperating elements of buying a house, but it doesn't have to be. Being close to various lending companies in the Tamuning area has helped me understand some things that will make the loan application process a snap.

1 – Put together a list of questions regarding your loan program

Make sure you have a list of questions if you find that you don't entirely realize the pros and cons of the various loan programs. It's a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in the rate, it designates that your mortgage lender commits to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who decide to float believe the interest rates will plunge 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

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

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.

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