Applying for a home loan in Troy

When buying a home, applying for the loan is a demanding event for most people, but it doesn't have to be. Having connections with a lot of mortgage lenders in Troy has helped me recognize some things that make the process of applying for a loan very easy.

1 – Make a list of questions about your loan program

If you do not completely understand the ins and outs of all the various programs, be sure you bring a list of questions with you. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in an interest rate, it denotes that your mortgage lender keeps 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 at any time between the day you apply for the loan and the issuing of closing documents. Buyers who choose to float believe that 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 lower your interest rate

Usually you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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