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Applying for the Home Loan

You can apply for a loan after you have already signed a contract to purchase a home or before making an offer, if you would like to have a pre-approved loan before you submit offers.

Terms and concepts you should know:

  • Pre-approval is a process that lets you get approved for your loan before you find a house to buy.
  • Rate lock is when you want the lender to guarantee the interest rate you want to be in effect when your loan closes.
  • Floating means your interest rate is not locked -- it's floating based on the financial markets.

    Click here to view an application, complete with explanations of the items on the application. Position your mouse arrow over any field for an explanation of the information required.

    When you submit your application you will have the option to either lock-in the current interest rate and points for periods ranging from 10 days to 6 months or you may elect to float the interest rate with the market and lock-in at a later date. If you elect to lock-in, the interest rate and points on your loan will be fixed for the period of the lock-in regardless of changes to interest rates in the market either up or down. If you elect to float, the interest rate on your loan will be determined by the interest rates available when you do choose to lock-in and could be either higher or lower than the interest rates available on the day you apply. We recommend careful consideration in making this decision. When you apply for your mortgage the lender may ask you to pay an application fee. You may also be asked to pay a credit report fee and/or an appraisal fee. The important thing to remember is that these fees may be negotiable so be sure to ask if fees can be waived or reduced.