Split Rock Real Estate (518)587-8877
Steven H. McIntyre-Broker
Michael P. Ginley-Associate Broker
Steven H. Gottmann-Associate Broker
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Getting your mortgage is just one part of getting into a new home. Split Rock Real Estate is experienced at helping new and experienced in all areas of real estate. Call me today at (518) 587-8877 if your needs include a real estate pro experienced at the business side of buying and selling.

Applying for your new home loan

When buying a home, the mortgage loan application is demanding for many people, but it doesn't have to be. I have close working relationships with a lot of lenders in Saratoga Springs, and they've helped me realize some things that will make the loan application process much easier.

1 – Put together a list of questions regarding your loan program

Be sure you have a list of questions if you do not entirely comprehend the ins and outs of all the various programs. One of my lender contacts or I will assist you with understanding the advantages and disadvantages of each one, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, the mortgage lender is sure to hold to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Those who decide to float conclude 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 rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. To decide if buying points is right for you, click here to use my points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to see typical information that goes on a loan application.