Do you want to finance a home? Berkshire Hathaway Home Services Fox & Roach, REALTORS® can help.

When purchasing a home, applying for financing is a very demanding event for a lot of people, but it doesn't have to be. Being connected with various lenders in Longport has helped me recognize a few things that can make the loan application process much easier.

1 – Compose a list of questions regarding your loan program

Be sure to have a list of questions with you if you do not entirely comprehend the advantages and disadvantages of all the various programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it indicates that the mortgage lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. 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 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 lower your rate

Typically you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you in deciding if buying points is the best option for you.

4 – Gather your paperwork

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

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