TMR Realty, Inc. can assist you with applying for your new home loan in Salisbury.

For most people, applying for a loan is one of the more demanding elements of purchasing a home, but it doesn't have to be. I have a close relationship with many lenders in the Salisbury area, and they've helped me recognize a few things that will make the process of applying for a loan easy.

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

Be sure to bring a list of questions if you find that you don't completely realize the ins and outs of the various programs. It's a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of both programs.

2 – Decide when to lock

Locking in designates that a mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is presented. 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 prefer to float think that the interest rates will fall 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 interest rate

Oftentimes you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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