Applying for your new home loan in Greenfield with help from Realiteam Real Estate Group

Applying for a mortgage loan is one of the most troublesome parts of buying a house for a buyer, but it doesn't have to be. I have a close business relationship with various mortgage lenders in the Greenfield area, and they've helped me recognize a few things that make the loan application process uncomplicated.

1 – Put together a list of questions regarding your loan program

If you do not entirely comprehend the pros and cons of the different programs, be sure you have a list of questions with you. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of both programs, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, the mortgage lender is holding 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 at any time between application and closing. Buyers who opt to float believe interest rates will drop 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 lower your rate

If you elect to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Gather your paperwork

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