Are you going to finance your home in Fort Wayne?

Applying for a loan is one of the most stressful parts of purchasing a house, but it doesn't have to be. I have a close relationship with several mortgage lenders in the Fort Wayne area, and they've helped me learn some things that can make the loan application process effortless.

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

If you do not fully comprehend the advantages and disadvantages of all the various programs, be sure to bring a list of questions with you. I or one of my lenders can assist you with understanding the advantages and disadvantages of each one, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, your mortgage lender is guaranteed to commit 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 anytime between the loan application day and closing. Those who choose to float believe 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 – Decide if you want to pay additional points to decrease your interest rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of normal loan documentation.

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