Applying for a new home loan with help from FirstPoint Real Estate

Applying for the loan is one of the most exasperating elements of purchasing a home for a buyer, but it doesn't have to be. I have a close business relationship with several mortgage lenders in Puyallup, 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 regarding your loan program

Be sure to have a list of questions if you don't completely realize the pros and cons of all the different programs. It is often a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

Locking in the interest rate denotes that your lender keeps to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who elect to float conclude that interest rates will drop 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'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of general loan documentation.