Are you looking to finance your home?

For a lot of people, applying for a loan can be one of the most exasperating elements of buying a house, but it doesn't have to be. Being familiar with several lending companies in Bronx has helped me understand some things that will make the loan application process uncomplicated.

1 – Assemble a list of questions regarding your loan program

Be sure you bring a list of questions if you don't thoroughly understand the pros and cons of the various loan programs. It is often a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in a rate, it denotes that the mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who elect to float presume 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 reduce your interest rate

When you elect to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain as to whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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