Applying for your home loan in Longport

Applying for the loan can be one of the most stressful aspects of buying a house for a buyer, but it doesn't have to be. I'm very close to several mortgage lenders in Longport, and they've helped me realize a few things that can make the loan application process a snap.

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

If you find that you don't perfectly realize the pros and cons of the various loan programs, make sure you bring a list of questions with you. I or one of my lender contacts will help you understand the advantages and disadvantages of each program, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, the mortgage lender is guaranteed to keep to the 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 day of your loan application and the issuing of closing documents. Buyers who choose to float think 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 reduce your interest rate

If you choose to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of general loan documentation.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details