Do you wish to finance your home in Troy?

When buying a home, applying for a mortgage loan is very stressful for most people, but it doesn't have to be. I'm very connected to several mortgage lenders in the Troy area, and they've helped me realize a few things that can make the loan application process very manageable.

1 – Put together a list of questions about your loan program

Be sure to have a list of questions with you if you find that you don't totally understand the advantages and disadvantages of the different programs. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, it signifies that a mortgage lender keeps to the mortgage 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 day you apply for your loan and issuance of closing documents. Buyers who elect to float conclude that interest rates will drop 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 decrease your rate

If you decide to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan. To determine if you should buy points, click here to use our points calculator.

4 – Compile your paperwork

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

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