Thinking about financing your new home?

For a lot of people, applying for mortgage financing can be one of the most demanding parts of buying a home, but it doesn't have to be. I have a close relationship with several lenders in Newburgh, and they've helped me learn a few things that make the loan application process a breeze.

1 – Organize a list of questions regarding your loan program

Be sure you have a list of questions with you if you don't totally realize the pros and cons of all the various programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the rate signifies that a lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and closing. Those who decide to float believe that the interest rates will dip 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

When 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 loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is right for you.

4 – Bring your paperwork

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