Securing financing is just one aspect of a home purchase. RE/MAX Real Estate Partners is experienced at assisting new and experienced in all areas of real estate. Contact me if your needs include a professional REALTOR® experienced at the business side of buying and selling.


Are you financing a new home?

When buying a home, the mortgage loan application is very stressful for many people, but it doesn't have to be. I've got great connections to various mortgage lenders in the Cambridge area, and they've helped me understand a few things that can make the process of applying for a loan much easier.

1 – Compile a list of questions regarding your loan program

If you find that you don't entirely comprehend the advantages and disadvantages of all the different financing options, make sure you bring a list of questions with you. One of my lenders or I can assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it denotes that the mortgage lender keeps to the interest rates for the loan – most often 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 your loan and closing. Buyers 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 – Determine if you want to pay additional points to decrease your rate

Normally you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To determine if buying points is right for you, click here to use my points calculator.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to preview typical questions you'll have to answer on a loan app.
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