Are you thinking about financing your home? Lighthouse Realty, Inc. can help.

For a lot of people, applying for a mortgage loan is one of the more troublesome elements of purchasing a house, but it doesn't have to be. I'm pretty close to several mortgage lenders in the Mechanicsville area, and they've helped me realize a few things that can make the loan application process easy.

1 – Create a list of questions about your loan program

If you find that you do not fully understand the advantages and disadvantages of all the different programs, be sure you bring a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in means that a lender guarantees the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who opt to float think the interest rates will decline 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 lower your interest rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of normal loan documentation.