Are you thinking of financing your home? Matthew Vassallo Real Estate can help.

A lot of buyers think applying for a loan is one of the more stressful aspects of buying a house, but it doesn't have to be. I have a close business relationship with many mortgage lenders in Longport, and they've helped me understand a few things that can make the process of applying for a loan easy.

1 – Organize a list of questions about your loan program

Make sure you bring a list of questions if you don't completely comprehend the advantages and disadvantages of all the different programs. It's a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

By locking in the rate, a mortgage lender is guaranteeing the interest rates for the loan – commonly 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 the issuing of closing documents. Buyers who decide to float believe that interest rates will plunge 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 rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is the best option for you.

4 – Bring your paperwork

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

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