
	Getting your mortgage is just one aspect of getting into a new home. Re/Max Heritage is experienced at assisting new and experienced in all areas of real estate. Call us today at 203-254-7555 ext. 119 if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Thinking of financing a home?

When purchasing a home, applying for the loan is very distressing for most people, but it doesn't have to be. I have excellent relationships with several lending companies in the Westport area, and they've helped me realize some things that make the process of applying for a loan uncomplicated.

1 – Compose a list of questions about your loan program

If you do not totally understand the advantages and disadvantages of the various financing options, be sure to have a list of questions. Oftentimes, it can be hard to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in the interest rate, the lender is sure to hold to the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who prefer to float think the 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 decrease your interest rate

When you decide 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. Each point is 1 percent of the loan. If you're unsure if buying 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 spend some time getting your documentation together. Click here to preview general questions you'll have to answer on a loan app.