Are you looking to finance your new home in Salisbury?

When buying a home, applying for the mortgage loan is a very distressing event for a lot of people, but it doesn't have to be. Being connected to various lenders in Salisbury has helped me understand a few things that will make the process of applying for a loan uncomplicated.

1 – Make a list of questions about your loan program

Make sure you have a list of questions if you do not perfectly comprehend the advantages and disadvantages of all the different programs. At times, it can be hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in the rate, your lender is sure to hold to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who prefer to float presume that the interest rates will decline 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

When you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Bring your paperwork

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