Are you going to finance your new home? Lighthouse Realty, Inc. can help.

A lot of buyers believe applying for the mortgage loan is one of the more demanding elements of purchasing a house, but it doesn't have to be. Being close to a lot of lending companies in the Mechanicsville area has helped me learn some things that will make the process of applying for a loan much easier.

1 – Organize a list of questions about your loan program

Make sure to have a list of questions with you if you don't completely realize the ins and outs of the various loan programs. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, a mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Those who opt to float conclude that the interest rates will fall 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 decrease your rate

Normally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Bring your paperwork

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