Are you financing your new home in Philadelphia? Liberty REO Realty can help.

Many people think applying for mortgage financing is one of the most troublesome aspects of buying a home, but it doesn't have to be. I'm very well-connected to some lenders in the Philadelphia area, and they've helped me realize a few things that can make the loan application process pretty simple.

1 – Make a list of questions about your loan program

Make sure you bring a list of questions if you do not totally understand the pros and cons of the various loan programs. It can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in the interest rate, your lender is sure to commit to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who choose to float think that interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

Oftentimes you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.