
	Securing financing is just one aspect of a real estate transaction. Joseph A. DelForno Inc. is experienced at aiding new and experienced in all areas of real estate. Contact us if your needs include a professional REALTOR^® ready for the business side of real estate.

Are you thinking about financing a new home?

Stressed out about getting financing for a home purchase? You don't have to be. I have close relationships with various lenders in Jersey City, and they've helped me realize some things that make the loan application process a breeze.

1 – Assemble a list of questions about your loan program

If you find that you don't fully understand the pros and cons of the various programs, be sure to have a list of questions with you. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, a mortgage lender is guaranteed to hold to the mortgage interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and at the time of closing. Those who elect to float presume 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 interest rate

Typically you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if purchasing points is right for you.

4 – Gather your paperwork

Obtaining 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.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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Market Watch:

Indications: U.S. futures lower with Greece, data in focus

2/10/2012 6:28 AM

U.S. stock futures trade lower on Friday, overshadowed by losses in Asia and Europe after euro-zone finance ministers postpone the release of fresh aid for Greece.

2/10/2012 6:12 AM

Uncertainty over Greece’s ability to secure a second bailout rises after euro-zone finance ministers demand the Greek parliament vote on tough new austerity measures.

2/10/2012 6:00 AM

The odds of a knockdown-dragout fight at the Republican presidential convention in August rose this week after Rick Santorum’s surprising victories. An old-fashionied “brokered” convention?

2/10/2012 5:46 AM

Fewer earnings reports, a trio of S&P index changes and a pair of dividend increases are among the corporate headlines for early Friday.

2/10/2012 5:38 AM

Crude-oil prices pull back as the dollar strengthens and weak U.S. stock indexes point toward a likely lower opening on Wall Street.

2/10/2012 4:46 AM

British stocks pull back on Friday as uncertainty over a deal on austerity measures in Greece weighs on investors.

2/10/2012 3:36 AM

European stock markets turn lower, led by banks and resource stocks Friday as euro-zone finance ministers held off on approving Greece’s second bailout.

2/10/2012 2:59 AM

Asia markets fall after Greece approves a long-awaited austerity agreement, but international backers call for ratification of the reforms before more bailout funds is released.

2/10/2012 12:36 AM

Gold prices fall to give back some of the previous day’s gains, pressured by a stronger dollar despite the CME Group Inc.’s decision to lower futures margins on some commodities including the precious metal.

2/10/2012 12:08 AM

The U.S. dollar edges higher, with markets shying away from risk after euro-zone ministers held off on approving funding for Greece.