TMR Realty, Inc. can help you apply for your home loan.

Applying for a mortgage loan is one of the most troublesome parts of purchasing a home for a buyer, but it doesn't have to be. Being familiar with various lenders in Salisbury has helped me learn a few things that can make the process of applying for a loan pretty simple.

1 – Assemble a list of questions regarding your loan program

If you find that you do not fully understand the ins and outs of the various programs, be sure to bring a list of questions. I or one of my lender contacts can help you understand the advantages and disadvantages of each one, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, it indicates that the lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who elect to float believe interest rates will plunge 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 reduce 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 the time of closing. Every point is 1 percent of the mortgage loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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