Do you wish to finance your home?

Applying for mortgage financing is one of the most stressful elements of buying a house, but it doesn't have to be. I have a close business relationship with various lenders in Bronx, and they've helped me recognize a few things that make the process of applying for a loan uncomplicated.

1 – Put together a list of questions regarding your loan program

If you don't entirely comprehend the advantages and disadvantages of all the various programs, make sure you have a list of questions. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in an interest rate, the lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who prefer to float conclude the 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 decrease your interest rate

If you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. To determine if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

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

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