Durrah 2 Real Estate can help you with financing a home.

For many people, applying for the loan can be one of the most demanding aspects of purchasing a home, but it doesn't have to be. Being familiar with several lending companies in Cleveland has helped me realize a few things that will make the loan application process a breeze.

1 – Assemble a list of questions about your loan program

If you don't entirely comprehend the advantages and disadvantages of all the various loan programs, make sure you have a list of questions. It's a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in a rate, the lender is guaranteed to keep to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who choose to float believe 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 reduce your interest rate

Normally you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.