Looking to finance a new home in Longport? Berkshire Hathaway Home Services Fox & Roach, REALTORS® can help.

When purchasing a home, applying for a mortgage loan is troublesome for most people, but it doesn't have to be. Being close to some mortgage lenders in Longport has helped me understand a few things that will make the process of applying for a loan very easy.

1 – Compile a list of questions regarding your loan program

Make sure you bring a list of questions with you if you do not thoroughly realize the ins and outs of the different programs. Oftentimes, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in an interest rate, a mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and closing. Those who decide to float think that 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 interest rate

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

4 – Gather your paperwork

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

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