
	Getting your mortgage is just one part of getting into a new home. Coldwell Banker Residential Brokerage Union Heights is seasoned at assisting new and experienced in all areas of real estate. Call us today at 8015674000 if your needs include a real estate pro experienced at the business side of buying and selling.

Are you going to finance your home?

When purchasing a home, applying for a mortgage loan is very demanding for a lot of people, but it doesn't have to be. I have close business relationships with several mortgage lenders in midvale, and they've helped me understand some things that will make the loan application process pretty simple.

1 – Compose a list of questions about your loan program

If you do not fully comprehend the pros and cons of the different financing options, make sure you have a list of questions. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the rate, the mortgage lender is committing to the mortgage interest rates for the loan – normally 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 the issuing of closing documents. Those who decide to float presume interest rates will plunge 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 decrease your interest rate

Normally you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to see common questions you'll have to answer on a loan app.