Are you financing a new home?

For a lot of people, applying for a mortgage loan is one of the more distressing parts of buying a house, but it doesn't have to be. Being close with a lot of mortgage lenders in the Troy area has helped me learn some things that make the loan application process much easier.

1 – Create a list of questions regarding your loan program

If you do not fully comprehend the pros and cons of all the various programs, make sure you bring a list of questions. It can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

Locking in signifies that a lender guarantees the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who elect 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 rate

Oftentimes you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. To determine if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of common loan documentation.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details