Let Big Bear Real Estate assist you in financing your home.

Most people believe that applying for a loan is one of the more stressful elements of buying a home, but it doesn't have to be. Being close to several lenders in the Troy area has helped me understand a few things that can make the process of applying for a loan very easy.

1 – Organize a list of questions about your loan program

Make sure to have a list of questions if you find that you don't completely comprehend the ins and outs of the different loan programs. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each program, because it is hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the rate, your mortgage lender is keeping to the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who choose to float conclude 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

Oftentimes you can choose 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 closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.

4 – Gather your paperwork

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

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