
	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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