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Tuckahoe, NY - 10707 -
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Home Selling Your Home News For Buyers First Time Buyers Home Buyer Checklist
Securing financing is just one aspect of a real estate transaction. Village Realty is experienced at aiding new and experienced in all areas of real estate. Call us today at 914-779-5252 if your needs include a real estate pro ready for the business side of buying and selling.


Applying for a home loan

For many people, securing the loan can be one of the most stressful elements of buying a house. But it doesn't have to be. Being connected with a lot of mortgage lenders in Tuckahoe has helped me learn some things that will make the loan application process a snap.

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

Make sure you bring a list of questions with you if you find that you don't fully comprehend the ins and outs of the different loan programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in an interest rate denotes that your lender keeps to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who opt to float conclude that interest rates will fall 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 decrease your rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay 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 in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to see common information that goes on a loan application.

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