
	Getting your mortgage is just one aspect of a home purchase. Distinctive Group of ERA Key Realty Services is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 508-303-0097 x110 if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Distinctive Group of ERA Key Realty Services can help you finance your new home.

Applying for the mortgage loan is one of the more exasperating elements of purchasing a home. But it doesn't have to be. I have close working relationships with various lending companies in Marlborough, and they've helped me learn some things that make the loan application process much easier.

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

If you do not fully comprehend the advantages and disadvantages of the various financing options, make sure to have a list of questions. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, it designates that a lender keeps to the mortgage interest rates for the loan – usually 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 the loan and closing. Buyers who elect to float think interest rates will decline 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 reduce your interest rate

When you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're unsure if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview typical information that goes on a loan application.