Are you thinking about financing your new home in Mechanicsville?

Applying for a mortgage loan is one of the most stressful parts of buying a home, but it doesn't have to be. I'm pretty well-connected with several mortgage lenders in the Mechanicsville area, and they've helped me understand a few things that will make the loan application process a breeze.

1 – Compose a list of questions about your loan program

Make sure to bring a list of questions with you if you do not totally comprehend the ins and outs of the different programs. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, it signifies that your lender commits to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who choose to float conclude interest rates will plunge 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

If you elect to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if buying points is right for you.

4 – Compile your paperwork

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