Are you thinking about financing your home in Tamuning?

Applying for financing can be one of the most demanding aspects of purchasing a home, but it doesn't have to be. I have a close relationship with various lenders in Tamuning, and they've helped me realize a few things that can make the process of applying for a loan a snap.

1 – Make a list of questions about your loan program

Make sure to bring a list of questions if you do not entirely comprehend the ins and outs of all the various programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in the interest rate denotes that a mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who decide to float conclude the interest rates will fall 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 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 closing. Every point is 1 percent of the loan. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of typical loan documentation.