Applying for your home loan in Nashville with the help of The Hammonds Group

When purchasing a home, applying for the mortgage loan is a demanding event for many people, but it doesn't have to be. I have a close relationship with several lending companies in Nashville, and they've helped me realize a few things that make the process of applying for a loan uncomplicated.

1 – Organize a list of questions about your loan program

If you find that you do not totally understand the advantages and disadvantages of all the various programs, be sure you bring a list of questions with you. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the interest rate, a mortgage lender is keeping 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 of your loan application and closing. Buyers who decide to float think that the interest rates will fall 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 decrease your rate

Typically 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 the time of closing. If you're uncertain as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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