Are you financing a home in Alexandria? Remax Allegiance can help.

Applying for the mortgage loan is one of the most exasperating aspects of purchasing a house, but it doesn't have to be. Having connections with many lenders in the Alexandria area has helped me learn a few things that will make the loan application process very manageable.

1 – Put together a list of questions about your loan program

If you find that you don't fully realize the pros and cons of the different programs, make sure you bring a list of questions. Oftentimes, it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs.

2 – Decide when you want to lock

Locking in the rate designates that a mortgage lender keeps to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who decide to float conclude the interest rates will dip 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 reduce your interest rate

Usually you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of typical loan documentation.

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