Applying for your new home loan with the help of TMR Realty, Inc.

When buying a home, applying for a mortgage loan is a very demanding event for most people, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in the Salisbury area, and they've helped me understand a few things that make the process of applying for a loan very easy.

1 – Create a list of questions about your loan program

If you find that you do not thoroughly comprehend the ins and outs of the various programs, make sure you have a list of questions. It is often a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

Locking in an interest rate signifies that your lender commits to the interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who choose to float think 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 reduce your rate

Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Each 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 with deciding if purchasing points is right for you.

4 – Bring your paperwork

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