Thinking of financing your new home in Cleveland?

For most people, applying for financing can be one of the most troublesome aspects of purchasing a house, but it doesn't have to be. I'm pretty close with a lot of mortgage lenders in Cleveland, and they've helped me recognize some things that make the loan application process effortless.

1 – Organize a list of questions about your loan program

Be sure you have a list of questions if you find that you don't entirely comprehend the pros and cons of all the different programs. It can be hard to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

Locking in an interest rate denotes that your lender guarantees the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who elect 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 decrease your interest rate

Generally you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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