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

Applying for the loan is one of the most troublesome parts of purchasing a home for a buyer, but it doesn't have to be. I'm very connected with many mortgage lenders in Salisbury, and they've helped me recognize some things that make the loan application process effortless.

1 – Make a list of questions regarding your loan program

If you find that you don't entirely understand the advantages and disadvantages of all the various loan programs, make sure to have a list of questions with you. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, the mortgage lender is sure to commit to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Those who prefer to float believe that interest rates will dip 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

Normally you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of 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 lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of common loan documentation.