Thinking of financing your new home in Troy? Big Bear Real Estate can help.

Most buyers believe applying for mortgage financing is one of the most stressful elements of buying a house, but it doesn't have to be. Being connected with some mortgage lenders in the Troy area has helped me learn a few things that can make the process of applying for a loan pretty simple.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions if you do not fully comprehend the pros and cons of the different programs. It can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

Locking in the interest rate indicates that your mortgage lender holds to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who choose to float presume interest rates will decline 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

When you choose to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the loan. To decide if buying points is the best option for you, 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 your documentation together. Click here to get a list of typical loan documentation.

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