
	Getting your loan locked down is just one part of a home purchase. Prudential Douglas Elliman is seasoned at helping 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.

Do you want to finance a home in Southampton? Prudential Douglas Elliman can help.

Applying for financing can be one of the more stressful elements of purchasing a house. But it doesn't have to be. Being connected with various mortgage lenders in Southampton has helped me realize a few things that will make the loan application process uncomplicated.

1 – Organize a list of questions regarding your loan program

Make sure to bring a list of questions if you don't perfectly grasp the advantages and disadvantages of all the various programs. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, a lender is guaranteed to commit to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who opt to float conclude the 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 reduce your rate

If you elect to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for general questions you'll have to answer on a loan app.