
	Securing financing is just one aspect of a home purchase. The Real Estate CookBook is seasoned at helping both new and experienced buyers alike in all areas of real estate. Call us today at 440-266-8399 if your needs include a real estate pro experienced at the business side of buying and selling.

Thinking of financing a new home in Mentor?

When buying a home, applying for financing is demanding for most people, but it doesn't have to be. Being familiar with several lending companies in the Mentor area has helped me recognize some things that will make the process of applying for a loan easy.

1 – Compile a list of questions about your loan program

If you do not fully comprehend the pros and cons of the various financing options, be sure to have a list of questions. I or one of my lender contacts will help you understand the advantages and disadvantages of each one, because it is a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the interest rate, your lender is guaranteeing the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Those who prefer to float believe that interest rates will dip 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 lower your rate

Generally you can choose to pay additional points to lower the rate of your mortgage 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 help you decide if buying points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.