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Apply for a Loan
For many Homebuyers, applying for a mortgage loan is one of the most stressful aspects of buying a home. The loan application process need not be a stressful time; It should be an exciting time for you! By following a few easy steps, you'll sail through the loan application process. Aiello & Associates is also a Mortgage Broker approved with several Lender Partners, therefore we are able to offer a wide variety of loan programs to meet each of our client's specific needs.
Please see our AIELLO & ASSOCIATES - MORTGAGE WEBSITE. There you will have access to lot's of free information with regards to Mortgages, Escrow, Title, Insurance, etc.
Our goal is to make our Real Estate and Mortgage websites your number one source for valuable information! Unlike many websites where they ask you to register in order to receive their "information", we don't! (Unless you want to). We want our clients, future clients and the general public to be able to access this information without any obligation, so that they can be better informed about the Real Estate and Mortgage market.
If, after browsing through our websites and reviewing the services and wealth of information we offer, you like what you see... please tell your friends and family; we will greatly appreciate it!
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Make a list of any questions you may have about the loan program;
Be sure you understand the advantages and disadvantages of the various mortgage loan programs for which you may qualify for; 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 or during the loan process. 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, thus 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 amount, payable in cash at closing) to lower the interest rate of your mortgage loan.
Note: The extra points are payable to the Lender, not Aiello & Associates.
Gather your paperwork;
See our Loan Application Checklist to view a list of typical loan documentation required.
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