Thinking of financing your home in Tamuning?

When buying a home, applying for a mortgage loan is a exasperating event for a lot of people, but it doesn't have to be. Being connected to several lending companies in the Tamuning area has helped me learn a few things that make the loan application process very easy.

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

If you find that you don't completely realize the advantages and disadvantages of the different programs, make sure to have a list of questions with you. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, your lender is sure to keep to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who opt to float think interest rates will drop 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 decrease your rate

Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're undecided as to whether or not buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.

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