Let Grover Collins Real Estate & Auction Inc. help you apply for your loan.

When purchasing a home, applying for a loan is distressing for most people, but it doesn't have to be. Having connections with several mortgage lenders in the Lewisburg area has helped me understand some things that will make the loan application process easy.

1 – Create a list of questions regarding your loan program

Make sure to have a list of questions if you find that you do not completely realize the advantages and disadvantages of all the various programs. I or one of my lender contacts will help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it denotes that a lender guarantees the mortgage interest rates for the loan – generally 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 the loan and issuance of closing documents. Those who opt to float believe 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 lower your rate

If 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. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if buying points is the best option for you.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.

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