Thinking about financing a home? Latte Stone Properties, LLC can help.

Applying for financing is one of the most troublesome elements of buying a house, but it doesn't have to be. Being familiar with several lending companies in the Tamuning area has helped me learn a few things that make the loan application process very easy.

1 – Compose a list of questions about your loan program

Make sure you bring a list of questions with you if you find that you don't totally comprehend the ins and outs of the different loan programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it's a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it signifies that your lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and closing. Buyers who decide to float think that 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 reduce your rate

When you opt to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Compile your paperwork

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