Are you going to finance a new home in Tamuning? Latte Stone Properties, LLC can help.

For a lot of people, applying for the mortgage loan is one of the most demanding aspects of purchasing a home, but it doesn't have to be. Being familiar with several mortgage lenders in the Tamuning area has helped me understand some things that can make the process of applying for a loan easy.

1 – Assemble a list of questions regarding your loan program

If you find that you don't fully realize the advantages and disadvantages of the various loan programs, make sure you 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 hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in an interest rate, a mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who prefer to float presume that the interest rates will drop 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 decrease your rate

When you elect to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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