Getting your mortgage is just one part of a real estate transaction. Scott Trahan Realty Brokerage is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a professional REALTOR® experienced at the business side of buying and selling.

Do you want to finance your new home? Scott Trahan Realty Brokerage can help.

For most people, applying for financing can be one of the most distressing parts of purchasing a home. But it doesn't have to be. Being close to many lending companies in the Portland area has helped me understand some things that will make the process of applying for a loan very manageable.

1 – Compose a list of questions about your loan program

Make sure to have a list of questions if you don't fully comprehend the pros and cons of the different programs. One of my trusted lenders or I will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate indicates that your lender keeps to the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who prefer to float think that interest rates will decline 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

When you decide to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use my points calculator. This tool will assist you with determining if purchasing points is right for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.