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David Jent Realty & Auction can assist you in financing your new home.

When purchasing a home, applying for the loan is a very troublesome event for a lot of people, but it doesn't have to be. Having connections to some mortgage lenders in Lewisburg has helped me realize a few things that make the process of applying for a loan a breeze.

1 – Make a list of questions about your loan program

If you don't completely understand the advantages and disadvantages of the various loan programs, be sure you bring a list of questions. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both programs, because it can be a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the rate, a lender is committing to the mortgage interest rates for the loan – most often 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 the loan and the issuing of closing documents. Those who elect to float conclude 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

If you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if you should buy points, click here to use our points calculator.

4 – Compile your paperwork

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

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