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

Most buyers think that applying for financing is one of the more troublesome elements of buying a house, but it doesn't have to be. I have a close relationship with many lenders in the Bronx area, and they've helped me understand a few things that can make the process of applying for a loan very manageable.

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

Be sure you have a list of questions if you do not completely realize the advantages and disadvantages of all the different loan programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it is hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, it denotes that a mortgage lender commits to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who elect to float presume that the interest rates will dip 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

If you opt to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if purchasing points is the best option for you.

4 – Compile your paperwork

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

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