Applying for a home loan in Newburgh

When buying a home, applying for the mortgage loan is very distressing for many people, but it doesn't have to be. Having connections to some lenders in the Newburgh area has helped me understand a few things that can make the loan application process a breeze.

1 – Create a list of questions regarding your loan program

If you find that you do not fully realize the pros and cons of the various programs, make sure to have a list of questions. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it's hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the rate, your mortgage lender is holding to the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and closing. 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 – Decide if you want to pay additional points to decrease your rate

Normally you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if purchasing points is right for you.

4 – Compile your paperwork

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