
	Securing financing is just one part of getting into a new home. Positve Directions Realty is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Are you going to finance your home?

When purchasing a home, applying for the loan is very distressing for most people, but it doesn't have to be. Having connections to many mortgage lenders in Sterling Heights has helped me realize a lot of the things that make the loan application process a snap.

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

If you find that you don't completely realize the advantages and disadvantages of the different programs, be sure to have a list of questions with you. It can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

Locking in signifies that the mortgage lender commits 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 anytime between the day of your loan application and closing. Buyers who opt to float presume that interest rates will fall 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

If you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To determine if you should purchase points, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to preview normal questions you'll have to answer on a loan app.