
	Getting your loan locked down is just one aspect of getting into a new home. Fonville Morisey Realty is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Are you financing your home in Cary? Fonville Morisey Realty can help.

Stressed out about applying for a mortgage? You don't have to be. Being close with various lenders in the Cary area has helped me learn some things that will make the loan application process easy.

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

If you do not fully comprehend the advantages and disadvantages of the various loan programs, be sure to have a list of questions with you. I or one of my lenders can help you understand the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it signifies that a lender holds to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who elect to float presume that 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 lower your rate

When you choose to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a feel for typical information that goes on a loan application.