Let Countryman Real Estate Associates assist you with applying for a loan in Newburgh.

Applying for financing can be one of the most distressing elements of purchasing a house, but it doesn't have to be. I have a close business relationship with several mortgage lenders in the Newburgh area, and they've helped me understand some things that make the loan application process very manageable.

1 – Make a list of questions regarding your loan program

Make sure you have a list of questions if you do not fully realize the pros and cons of all the various programs. It's hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in an interest rate, it indicates that a mortgage lender commits to the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who prefer to float believe the interest rates will plunge 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 decrease your interest rate

If you elect 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. Every point is 1 percent of the loan. To decide if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of common loan documentation.