Securing financing is just one aspect of a home purchase. Landa Pennington is seasoned at aiding new and experienced in all areas of real estate. Contact me if your needs include a professional REALTOR® ready for the business side of buying and selling.

Thinking about financing a home?

For most people, securing mortgage financing is one of the most troublesome aspects of purchasing a house. But it doesn't have to be. I have excellent relationships with a lot of lending companies in Huntsville, and they've helped me recognize some things that make the loan application process pretty simple.

1 – Put together a list of questions about your loan program

Make sure to have a list of questions if you do not perfectly comprehend the pros and cons of the different loan programs. One of my trusted lenders or I will be able to help you understand the advantages and disadvantages of both programs, because it is a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, it means that the mortgage lender guarantees the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who prefer to float think 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 lower your rate

When you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're unsure if buying points is right for you, click here to use my points calculator.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview general questions you'll have to answer on a loan app.

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