Applying for your loan

For a lot of people, applying for mortgage financing is one of the more demanding parts of buying a home, but it doesn't have to be. I have a close business relationship with several lending companies in the Longport area, and they've helped me learn a few things that will make the loan application process very manageable.

1 – Put together a list of questions regarding your loan program

Make sure you have a list of questions if you don't entirely realize the advantages and disadvantages of the various loan programs. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it is hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it denotes that a lender holds to the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who decide to float presume 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 – Determine if you want to pay additional points to lower your interest rate

When 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 the time of closing. Every point is 1 percent of the loan. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of general loan documentation.

Looking to Buy?

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