
	Getting your mortgage is just one part of getting into a new home. RE/MAX Classic is experienced at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR^® experienced at the business side of buying and selling.

Applying for a home loan with the help of RE/MAX Classic

When purchasing a home, applying for financing is distressing for many people, but it doesn't have to be. I've got great connections to various mortgage lenders in the Novi area, and they've helped me understand a few things that can make the loan application process effortless.

1 – Assemble a list of questions regarding your loan program

If you don't totally realize the ins and outs of all the various financing options, make sure you have a list of questions with you. At times, it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

When you lock in a rate, the lender is sure to hold to the 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 loan application day and at the time of closing. Buyers who choose to float think the interest rates will fall 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 rate

When you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with deciding if purchasing points is right for you.

4 – Compile your paperwork

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

Dave Lukomski
dave.lukomski@bankofamerica.com

All agents of RE/MAX Classic are licensed in the State of Michigan to do business in the State of Michigan per license law requirements setforth by the state requirements.