Loan Application Checklist For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process. Make a list of any questions you have about the loan program. Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages. Decide if you want to lock-in or float the loan's interest rate. Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment. Decide if you want to pay additional points to lower your interest rate. Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan. Gather your paperwork. Click here to view a list of typical loan documentation. Mortgage Calculator: Sales Price: $ Down: % Interest Rate: % Term: yrs Monthly payment: $

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Joan Pike provides Ithaca, New York real estate information and resources to guide homeowners and homebuyers through the process of selling and buying a house, condo or other Ithaca realty property. Joan Pike has services to helps you find everything you need,  get the value of your Ithaca home and a comparative market analysis (CMA), view Ithaca real estate and MLS listings, prepare your home for sale, and more. My real estate library contains articles to help anyone selling a home or buying a home learn more about Ithaca realty services. Through our partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Ithaca, NY, such as mortgages, credit history, new homes, foreclosures and other services. If you plan to do for sale by owner (FSBO), my website can connect you to Ithaca real estate resources and agencies to sell or buy a home. Whether you say REALTOR®, "Realator" or "Realter", realty, "realety" or "reality", real estate or "realestate", I speak your language.