Applying for your loan in Newburgh

For a lot of people, applying for mortgage financing is one of the more demanding aspects of buying a home, but it doesn't have to be. I'm very well-connected with several lenders in Newburgh, and they've helped me learn a few things that make the loan application process effortless.

1 – Organize a list of questions about your loan program

If you find that you don't totally comprehend the advantages and disadvantages of all the different loan programs, make sure you bring a list of questions with you. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each one, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the interest rate, the mortgage lender is sure to keep to the mortgage interest rates for the loan – often at the time the loan application is received. 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 choose to float presume the 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 lower your rate

When you choose 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. It will help you decide if buying points is right for you.

4 – Bring your paperwork

Acquiring a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.