Let TMR Realty, Inc. help you finance a home.

Applying for the mortgage loan is one of the most exasperating elements of buying a house, but it doesn't have to be. Being connected with various lenders in Salisbury has helped me understand a few things that can make the loan application process a snap.

1 – Organize a list of questions regarding your loan program

If you don't totally comprehend the ins and outs of the various programs, make sure to have a list of questions. At times, it can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in a rate, the mortgage lender is guaranteed to commit to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who prefer to float presume interest rates will plunge 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 interest rate

When you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. If you're undecided on whether or not buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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