
	Securing financing is just one aspect of a home purchase. Alliance Realty is experienced at helping new and experienced in all areas of real estate. Contact us if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Looking to finance your new home in Wilmington?

Securing a mortgage loan can be one of the most exasperating aspects of purchasing a house. But it doesn't have to be. Being familiar with a lot of lenders in Wilmington has helped me understand a lot of the things that make the loan application process uncomplicated.

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

Make sure to have a list of questions with you if you find that you don't entirely grasp the pros and cons of the different programs. Oftentimes, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

By locking in the interest rate, your mortgage lender is keeping to the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Those who elect to float think interest rates will plunge 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 reduce your rate

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

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to see normal information that goes on a loan application.