Big Bear Real Estate can assist you with applying for a loan in Troy.

For most people, applying for the mortgage loan can be one of the more exasperating elements of buying a house, but it doesn't have to be. I'm very close with many mortgage lenders in the Troy area, and they've helped me understand some things that will make the loan application process very manageable.

1 – Make a list of questions about your loan program

Be sure you have a list of questions if you don't completely understand the pros and cons of the different loan programs. It can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in an interest rate, a mortgage lender is sure to hold to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who elect to float think 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 rate

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

4 – Bring your paperwork

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

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