Thinking about financing a home? Rhyne Realty, Inc. can help.

For most people, applying for a mortgage loan can be one of the more troublesome elements of buying a house, but it doesn't have to be. Being close with some mortgage lenders in Taylorsville has helped me learn a few things that make the loan application process a breeze.

1 – Create a list of questions about your loan program

Make sure you have a list of questions if you do not completely comprehend the ins and outs of all the various programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, your lender is sure to keep to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who prefer to float believe 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 decrease your interest 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 closing. To decide if purchasing points is the best option 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 to get a list of common loan documentation.