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Do you want to finance your home in Virginia Beach?

Applying for the loan can be one of the most distressing elements of buying a house for a buyer, but it doesn't have to be. I have a close relationship with several mortgage lenders in Virginia Beach, and they've helped me understand a few things that can make the loan application process very easy.

1 – Organize a list of questions about your loan program

Make sure to bring a list of questions if you don't entirely realize the pros and cons of all the various loan programs. It's a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in the interest rate, it signifies that the mortgage lender guarantees the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who prefer to float believe that 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 lower your rate

Normally you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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