Are you financing a new home? Big Bear Real Estate can help.

Applying for a loan is one of the most exasperating aspects of buying a house, but it doesn't have to be. I have a close business relationship with many lenders in Troy, and they've helped me recognize a few things that make the loan application process easy.

1 – Compose a list of questions about your loan program

Make sure to have a list of questions if you don't perfectly realize the pros and cons of the various programs. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it is hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it indicates that your mortgage lender keeps to the mortgage interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who opt to float conclude 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

If you choose to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if buying points is right for you.

4 – Bring 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 normal loan documentation.

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