Applying for a loan in Tamuning with help from Latte Stone Properties, LLC

When purchasing a home, applying for a mortgage loan is troublesome for a lot of people, but it doesn't have to be. Being close with various mortgage lenders in the Tamuning area has helped me realize some things that make the process of applying for a loan very manageable.

1 – Compile a list of questions about your loan program

Make sure to bring a list of questions if you find that you do not completely realize the pros and cons of the different loan programs. It is often hard to know the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both.

2 – Determine when to lock

Locking in an interest rate denotes that a lender commits to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who elect to float presume 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 lower your interest rate

Typically you can opt to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're uncertain as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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