Grover Collins Real Estate & Auction Inc. can assist you in financing a home in Lewisburg.

When purchasing a home, applying for a mortgage loan is a very demanding event for a lot of people, but it doesn't have to be. I'm close to a lot of lenders in the Lewisburg area, and they've helped me realize some things that can make the process of applying for a loan very easy.

1 – Make a list of questions about your loan program

Be sure to have a list of questions if you find that you don't entirely comprehend the pros and cons of the various programs. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, your mortgage lender is guaranteed to keep to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who opt to float believe the interest rates will decline 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 interest rate

Usually you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Gather your paperwork

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

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