Are you going to finance a home?

For a lot of people, applying for the loan can be one of the most exasperating parts of purchasing a home, but it doesn't have to be. Having connections with a lot of lenders in Longport has helped me recognize some things that make the loan application process easy.

1 – Assemble a list of questions regarding your loan program

If you find that you do not completely understand the pros and cons of all the various loan programs, be sure you bring a list of questions with you. It is often hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in a rate, it designates that your lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who decide to float conclude that the interest rates will drop 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 reduce your rate

Oftentimes you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.

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