Are you looking to finance your home in Mechanicsville? Lighthouse Realty, Inc. can help.

Applying for a loan is one of the most troublesome parts of purchasing a house, but it doesn't have to be. I'm very well-connected to many mortgage lenders in Mechanicsville, and they've helped me recognize some things that make the process of applying for a loan effortless.

1 – Compose a list of questions about your loan program

Be sure you bring a list of questions with you if you don't entirely realize the pros and cons of the various loan programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both programs, because it's hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, a mortgage lender is guaranteed to commit to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Those who opt to float conclude that interest rates will drop 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

Typically 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 closing. If you're undecided as to whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.