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.

  1. 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.

  2. 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.

  3. 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.

  4. Gather your paperwork.
    Click here to view a list of typical loan documentation.

Search Homes - Sold Homes

To search homes - Click Find a Home.  An alternative and better way is to contact me so I can activate your Listingbook account.  You'll search your dream home just like an agent belonging to the Multiple Listing Service of Long Island.  You can custom your search to communities you desire, the price range, number of bedrooms and baths, style, amenities, etc.  You'll be first to know about price changes and new listings as they get into MLS. 

To find out sold homes in your area - Click Sold Properties.   Educate yourself about home prices in your neighborhood and those sold through the Multiple Listing Service of Long Island within the past six months to a year.  If you are thinking of selling your home contact me so I can perform a thorough research and up-to-date information about the local market.


REALTY NETWORK 492 East Meadow Ave. East Meadow, NY 11554
Phone: Cell: Fax:

Copyright © 2010 REALTY NETWORK
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.