
	Getting your loan locked down is just one part of getting into a new home. Weichert Realtors® is seasoned at aiding new and experienced in all areas of real estate. Call us today at (201) 333-7012 x 119 if your needs include a professional REALTOR^® ready for the business side of real estate.

Applying for a loan

Securing the loan can be one of the more troublesome aspects of buying a house. But it doesn't have to be. I have excellent relationships with several lenders in Jersey City, and they've helped me learn some things that make the loan application process very manageable.

1 – Compile a list of questions about your loan program

If you don't entirely realize the ins and outs of all the different loan programs, be sure you have a list of questions. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in an interest rate, a mortgage lender is guaranteed to commit to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Those who choose to float think that interest rates will dip 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 reduce your rate

Typically you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a feel for normal questions you'll have to answer on a loan app.

Weichert Realtors® 273 Grove St Jersey City, NJ 07302

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