
	Securing financing is just one aspect of a home purchase. Coldwell Banker Triad Realtors is seasoned at assisting new and experienced in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of buying and selling.

Are you thinking about financing a home in Burlington?

When purchasing a home, applying for the mortgage loan is stressful for many people, but it doesn't have to be. I have close working relationships with several lending companies in the Burlington area, and they've helped me realize some things that make the process of applying for a loan very easy.

1 – Compile a list of questions regarding your loan program

Make sure you have a list of questions if you find that you don't perfectly grasp the advantages and disadvantages of the various programs. At times, it can be hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in the interest rate, the lender is sure to keep to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who decide to float conclude 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

If you decide 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. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to preview typical questions you'll have to answer on a loan app.