Do you want to finance your home in Taylorsville? Bret Mundy Real Estate LLC can help.

Applying for the loan is one of the most distressing elements of buying a home for a buyer, but it doesn't have to be. I have a close relationship with several lending companies in the Taylorsville area, and they've helped me learn a few things that make the process of applying for a loan effortless.

1 – Compose a list of questions regarding your loan program

If you find that you do not fully comprehend the pros and cons of the different programs, be sure to bring a list of questions. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, it indicates that a lender holds to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Those who elect to float conclude the interest rates will plunge 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 decrease your rate

Normally you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of common loan documentation.