
	Getting your mortgage is just one aspect of a home purchase. RE/MAX Real Estate Services is experienced at assisting both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of real estate.

Are you thinking of financing your new home in Columbia?

For most people, applying for mortgage financing can be one of the most stressful aspects of purchasing a home. But it doesn't have to be. Being familiar with several lenders in Columbia has helped me realize a lot of the things that make the loan application process a snap.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions if you don't perfectly comprehend the pros and cons of the various loan programs. Oftentimes, it can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in a rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who prefer to float presume that the interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to decrease your interest rate

Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if buying points is right for you.

4 – Compile your paperwork

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