Are you going to finance your new home in Greenfield?

Applying for mortgage financing is one of the most exasperating elements of buying a home for a buyer, but it doesn't have to be. I have a close business relationship with a lot of lending companies in Greenfield, and they've helped me realize some things that will make the process of applying for a loan a breeze.

1 – Compose a list of questions about your loan program

If you find that you don't thoroughly understand the ins and outs of all the different programs, be sure you bring a list of questions. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it is hard to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it designates that the mortgage lender holds to the mortgage 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 the issuing of closing documents. Buyers who elect to float conclude 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 interest rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're unsure as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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