
	Securing financing is just one aspect of getting into a new home. Phillips & Zorn is experienced at assisting new and experienced in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of buying and selling.

Are you thinking about financing your new home in Luray?

When buying a home, applying for the mortgage loan is very stressful for a lot of people, but it doesn't have to be. I have close professional relationships with various lending companies in Luray, and they've helped me realize a few things that can make the process of applying for a loan very manageable.

1 – Organize a list of questions about your loan program

If you don't thoroughly comprehend the advantages and disadvantages of the various programs, be sure you bring a list of questions. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it's hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in an interest rate, a lender is holding to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who opt 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 decrease your rate

When you opt 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 loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to preview common questions you'll have to answer on a loan app.