Do you want to finance a home? Latte Stone Properties, LLC can help.

When purchasing a home, applying for the mortgage loan is very demanding for most people, but it doesn't have to be. I'm very well-connected to a lot of lenders in the Tamuning area, and they've helped me learn some things that will make the process of applying for a loan a snap.

1 – Organize a list of questions about your loan program

If you find that you do not entirely comprehend the advantages and disadvantages of all the various loan programs, be sure to have a list of questions with you. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in an interest rate indicates that your mortgage lender commits to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who choose to float presume the interest rates will fall 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 opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Gather your paperwork

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