Applying for a loan in Anchorage

When purchasing a home, applying for the loan is troublesome for most people, but it doesn't have to be. Being connected to many mortgage lenders in Anchorage has helped me recognize some things that will make the loan application process much easier.

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

If you find that you do not completely comprehend the advantages and disadvantages of all the different loan programs, make sure you have a list of questions with you. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, the lender is sure to commit to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who choose to float believe the interest rates will fall 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

If you choose to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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

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