1 – Create a list of questions about your loan program
If you find that you do not entirely realize the ins and outs of all the various programs, make sure you bring a list of questions with you.
I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it's hard to know the differences between fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in the interest rate, a mortgage lender is guaranteed to keep to the interest rates for the loan – commonly at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who elect to float think the interest rates will dip 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 rate
Typically you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
To determine if buying points is right for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to see common questions you'll have to answer on a loan app.