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Getting your mortgage is just one aspect of a real estate transaction. THOMAS Associates Realtors is experienced at helping both new and experienced buyers alike in all areas of real estate. Call us today at 973-761-7100 if your needs include a real estate pro experienced at the business side of real estate.

Are you financing your new home?

When buying a home, applying for a loan is stressful for most people, but it doesn't have to be. I have excellent relationships with several lending companies in the South Orange area, and they've helped me recognize a few things that will make the process of applying for a loan a snap.

1 – Create a list of questions regarding your loan program

Be sure to bring a list of questions with you if you don't thoroughly grasp the ins and outs of all the various loan programs. At times, it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in the rate, a lender is sure to hold to the interest rates for the loan – 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 closing. Buyers who choose to float presume that interest rates will dip 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

When you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here to see typical information that goes on a loan application.