Securing financing is just one part of a home purchase. Tanya Lovejoy-Capers, Broker, ABR, CNHS, CRS, e-PRO is seasoned at aiding new and experienced in all areas of real estate. Call me today at (704) 458-6012 if your needs include a professional REALTOR^® ready for the business side of real estate.

1 – Assemble a list of questions about your loan program

If you do not thoroughly understand the advantages and disadvantages of all the different programs, make sure you bring a list of questions with you. It's a challenge to understand the distinctions between both fixed and adjustable rate mortgages. One of my trusted lenders or I will help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

Locking in the interest rate means that the mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who choose to float presume 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 – Determine if you want to pay additional points to decrease your interest rate

Usually you can elect to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use my points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for common information that goes on a loan application.