Getting your mortgage is just one aspect of getting into a new home. Talmage Trail Realty is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Call me today at (631) 281-8600 if your needs include a professional REALTOR® experienced at the business side of real estate.
Securing a loan is one of the most demanding parts of purchasing a house. But it doesn't have to be.
I have excellent relationships with several lenders in the Manorville area, and they've helped me understand a few things that can make the process of applying for a loan pretty simple.
1 – Organize a list of questions regarding your loan program
If you find that you do not completely realize the advantages and disadvantages of the various loan programs, make sure you have a list of questions.
One of my trusted lenders or I will assist you in understanding the advantages and disadvantages of each one, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in the interest rate, your mortgage lender is guaranteed to commit to the interest rates for the loan – usually at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Those who choose to float conclude 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
Oftentimes you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
Click here to use my points calculator. This tool will assist you in determining if buying points is the best option for you.
4 – Gather your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to preview general information that goes on a loan application.