Are you looking to finance your new home in Troy? Big Bear Real Estate can help.

A lot of buyers think applying for mortgage financing is one of the more stressful elements of buying a house, but it doesn't have to be. Being familiar with various mortgage lenders in the Troy area has helped me realize a few things that will make the loan application process pretty simple.

1 – Compile a list of questions about your loan program

Make sure to have a list of questions with you if you find that you do not completely realize the pros and cons of the different loan programs. It is a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the rate, it designates that the lender commits to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who prefer to float believe the 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 lower your rate

Usually you can opt 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. Click here to use our points calculator. It will assist you in determining if buying points is the best option for you.

4 – Compile your paperwork

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

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