Let Neal Sherk-North Eastern Group Realty assist you in financing your home.

When buying a home, applying for the loan is a very stressful event for most people, but it doesn't have to be. Being familiar with a lot of lending companies in Fort Wayne has helped me realize some things that can make the loan application process a snap.

1 – Put together a list of questions regarding your loan program

If you do not fully comprehend the advantages and disadvantages of the various programs, be sure to have a list of questions with you. It is often a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each.

2 – Determine when to lock

Locking in signifies that a lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who elect 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 lower your rate

If you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.

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