Let Bret Mundy Real Estate LLC help you finance a home.

When purchasing a home, applying for a mortgage loan is a exasperating event for a lot of people, but it doesn't have to be. I'm well-connected to various lending companies in Taylorsville, and they've helped me recognize some things that can make the process of applying for a loan easy.

1 – Organize a list of questions regarding your loan program

Make sure to bring a list of questions if you do not entirely comprehend the ins and outs of the various loan programs. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program, because it is a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, a lender is sure to keep to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who opt to float believe that the interest rates will decline 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 reduce your rate

Generally you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

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