
	Getting your loan locked down is just one part of a real estate transaction. Safari Realty is experienced at aiding new and experienced in all areas of real estate. Contact us if your needs include a professional REALTOR^® experienced at the business side of buying and selling.

Are you financing a new home?

Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. Being connected with some mortgage lenders in Staten Island has helped me realize a lot of the things that will make the process of applying for a loan pretty simple.

1 – Make a list of questions regarding your loan program

If you find that you do not entirely comprehend the advantages and disadvantages of the various loan programs, make sure you have a list of questions with you. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Buyers who prefer to float conclude interest rates will drop 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 lower your rate

When you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Gather your paperwork

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