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Applying for your loan

Most people think that applying for mortgage financing is one of the more distressing elements of buying a home, but it doesn't have to be. I have a close business relationship with many mortgage lenders in Virginia Beach, and they've helped me realize a few things that make the process of applying for a loan uncomplicated.

1 – Assemble a list of questions regarding your loan program

If you find that you don't perfectly comprehend the pros and cons of the various programs, make sure to have a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it is hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it indicates that the lender keeps to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Those who elect to float presume that interest rates will drop 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

Oftentimes you can decide 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 closing. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of general loan documentation.

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