Applying for your new home loan in Columbus with help from SMART MOVE, REALTORS

When purchasing a home, applying for the loan is a very troublesome event for a lot of people, but it doesn't have to be. I'm pretty close to various lending companies in Columbus, and they've helped me recognize some things that make the process of applying for a loan uncomplicated.

1 – Organize a list of questions regarding your loan program

If you do not fully understand the pros and cons of the various programs, be sure you bring a list of questions. It's hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in the rate, your mortgage lender is sure to hold 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 issuance of closing documents. Buyers who choose to float think 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 lower your rate

When you elect to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is right 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 list of typical loan documentation.