Do you wish to finance a home in Fall River?

A lot of buyers believe applying for the mortgage loan is one of the most distressing aspects of buying a home, but it doesn't have to be. Being familiar with many mortgage lenders in the Fall River area has helped me learn a few things that can make the process of applying for a loan a breeze.

1 – Compose a list of questions regarding your loan program

Be sure to bring a list of questions with you if you find that you don't entirely understand the advantages and disadvantages of the various programs. It is often a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in an interest rate, it denotes that a mortgage lender guarantees the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who opt to float presume that interest rates will plunge 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

Typically you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure as to whether or not buying 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 spend some time getting all your documents together. Click here to get a list of typical loan documentation.