Thinking of financing a home? Go! Real Estate, Inc. can help.

For most people, applying for the mortgage loan can be one of the more stressful elements of buying a home, but it doesn't have to be. I'm very connected with a lot of mortgage lenders in the Bronx area, and they've helped me learn some things that will make the loan application process much easier.

1 – Create a list of questions about your loan program

If you find that you do not fully comprehend the pros and cons of all the different programs, be sure you have a list of questions. It is often a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

By locking in the interest rate, the lender is holding to the mortgage 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 the day of your loan 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 – Determine if you want to pay additional points to reduce your interest rate

When you opt to pay additional points to lower the 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 mortgage loan. If you're undecided as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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