Let Berkshire Hathaway Home Services Fox & Roach, REALTORS® assist you in applying for your new home loan.

Applying for a loan is one of the most troublesome elements of buying a house, but it doesn't have to be. I'm connected with various mortgage lenders in Longport, and they've helped me learn a few things that can make the loan application process easy.

1 – Organize a list of questions regarding your loan program

If you find that you do not completely comprehend the advantages and disadvantages of all the various loan programs, be sure you bring a list of questions with you. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs, because it is hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who decide to float believe that interest rates will dip 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 decrease your rate

Oftentimes you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of general loan documentation.

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