
	Getting your loan locked down is just one part of a home purchase. Buyers First Choice is experienced at helping new and experienced in all areas of real estate. Call us today at 301-210-9548 if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Applying for your home loan in Laurel

Stressed out about getting financing for a home purchase? You don't have to be. I have close working relationships with many lenders in Laurel, and they've helped me understand some things that can make the loan application process pretty simple.

1 – Make a list of questions about your loan program

Be sure to bring a list of questions if you find that you don't entirely grasp the pros and cons of the different programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it's a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate signifies that the mortgage lender commits to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who elect to float believe that interest rates will drop 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 interest rate

Usually you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to preview general questions you'll have to answer on a loan app.