Applying for a home loan in New Orleans with the help of AlexCate Realty, LLC - Cathy Cashman

Applying for a mortgage loan is one of the most troublesome parts of purchasing a house for a buyer, but it doesn't have to be. I'm pretty close with various lenders in the New Orleans area, and they've helped me learn some things that can make the loan application process uncomplicated.

1 – Assemble a list of questions about your loan program

If you do not completely comprehend the ins and outs of the different programs, be sure you have a list of questions with you. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs, because it's hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the interest rate, a mortgage lender is committing to the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who elect to float believe that interest rates will drop 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 rate

When you opt to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Bring your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of normal loan documentation.