Thinking of financing a new home in Salisbury? TMR Realty, Inc. can help.

When buying a home, applying for a mortgage loan is distressing for many people, but it doesn't have to be. Being connected with many mortgage lenders in the Salisbury area has helped me learn a few things that make the process of applying for a loan a snap.

1 – Make a list of questions regarding your loan program

If you find that you do not thoroughly comprehend the advantages and disadvantages of the different programs, be sure to bring a list of questions. It is hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the rate, it designates that your lender keeps to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who choose to float conclude 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 reduce your rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of general loan documentation.