Applying for your home loan

For a lot of people, applying for the mortgage loan can be one of the most troublesome aspects of purchasing a house, but it doesn't have to be. Being close with various mortgage lenders in the Troy area has helped me recognize some things that make the loan application process very easy.

1 – Make a list of questions about your loan program

Make sure you bring a list of questions if you find that you do not completely comprehend the ins and outs of the various programs. At times, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in the rate, your lender is guaranteed to commit 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 the loan and the issuing of closing documents. Buyers who choose to float presume that 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

Typically you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of typical loan documentation.

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