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Thinking of financing a new home in Mechanicsville?

For a lot of people, applying for a mortgage loan is one of the more distressing elements of buying a home, but it doesn't have to be. Being close to some lenders in Mechanicsville has helped me learn a few things that make the process of applying for a loan a breeze.

1 – Compile a list of questions about your loan program

Make sure to bring a list of questions if you do not completely realize the pros and cons of all the different programs. It's hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

Locking in an interest rate designates that a lender holds to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who prefer to float conclude that the interest rates will drop 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 choose to pay additional points to lower the interest rate of your 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 decide if buying points is right for you.

4 – Compile your paperwork

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