Are you thinking of financing a new home in Fort Wayne? Neal Sherk & North Eastern Group Realty can help.

When purchasing a home, applying for a mortgage loan is very exasperating for a lot of people, but it doesn't have to be. Being familiar with various mortgage lenders in Fort Wayne has helped me realize some things that can make the loan application process very easy.

1 – Make a list of questions about your loan program

If you find that you don't thoroughly comprehend the ins and outs of the different loan programs, be sure you bring a list of questions with you. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, a lender is sure to hold 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 loan application day and at the time of closing. Buyers who opt to float believe 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 lower your interest rate

When you elect to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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


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