Are you thinking about financing a home in Taylorsville? Bret Mundy Real Estate LLC can help.

Applying for financing can be one of the most distressing parts of purchasing a home, but it doesn't have to be. Being connected to some mortgage lenders in Taylorsville has helped me realize some things that will make the loan application process very manageable.

1 – Make a list of questions about your loan program

If you don't totally understand the advantages and disadvantages of all the various loan programs, be sure you bring a list of questions. At times, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

Locking in the interest rate designates that your mortgage lender guarantees the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who choose to float believe interest rates will dip 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 lower your interest rate

If you opt to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of common loan documentation.