Securing financing is just one aspect of a real estate transaction. Coldwell Banker Plourde Real Estate is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of real estate.


Applying for your new home loan

For many people, securing a mortgage loan is one of the most exasperating parts of buying a house. But it doesn't have to be. I have excellent relationships with many lenders in the Waterville area, and they've helped me understand some things that can make the loan application process very easy.

1 – Create a list of questions regarding your loan program

If you do not completely realize the advantages and disadvantages of all the various loan programs, be sure to bring a list of questions with you. At times, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in the rate, it designates that the mortgage lender guarantees the interest rates for the loan – generally 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. Those who elect to float think interest rates will dip 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 interest rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

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 get a feel for normal questions you'll have to answer on a loan app.

Coldwell Banker Plourde Real Estate 143 Silver Street, Suite 4 Waterville, ME 04901-5813
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