Applying for a home loan in Longport with help from Berkshire Hathaway Home Services Fox & Roach, REALTORS®

For many people, applying for the mortgage loan is one of the more demanding elements of buying a house, but it doesn't have to be. Being close with some lending companies in the Longport area has helped me recognize some things that will make the process of applying for a loan very manageable.

1 – Create a list of questions about your loan program

Be sure you bring a list of questions if you don't perfectly understand the ins and outs of all the different programs. It can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in the interest rate, it means that your mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who prefer to float conclude that 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 decrease your interest rate

When you opt to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Compile your paperwork

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

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