Getting your mortgage is just one aspect of getting into a new home. Vine andSea Real Estate Associates is seasoned at helping new and experienced in all areas of real estate. Contact me if your needs include a professional REALTOR® ready for the business side of buying and selling.

Are you financing your new home in Long Island?

Stressed out about applying for a mortgage? You don't have to be. I have close business relationships with some reputable mortgage lenders in the Long Island area, and they've helped me recognize a few things that can make the loan application process much easier.

1 – Make a list of questions about your loan program

If you don't fully understand the pros and cons of all the different programs, be sure to bring a list of questions. It can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. One of my lender contacts or I will assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who elect to float think interest rates will plunge 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 lower your rate

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

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to preview common information that goes on a loan application.

Vine and Sea Real Estate Associates