TMR Realty, Inc. can assist you in financing your home in Salisbury.

Many buyers believe that applying for mortgage financing is one of the most troublesome elements of purchasing a house, but it doesn't have to be. I have a close business relationship with a lot of lenders in the Salisbury area, and they've helped me recognize some things that will make the process of applying for a loan a breeze.

1 – Make a list of questions about your loan program

If you do not totally understand the ins and outs of the different programs, make sure you have a list of questions with you. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, a mortgage lender is sure to keep to the interest rates for the loan – commonly 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 decide to float conclude that interest rates will decline 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 lower your interest rate

When you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

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