Are you looking to finance your home? Lake Country Real Estate, Inc. can help.

When buying a home, applying for a mortgage loan is troublesome for a lot of people, but it doesn't have to be. Having connections to various lenders in Auburn has helped me understand a few things that will make the process of applying for a loan a snap.

1 – Assemble a list of questions about your loan program

Be sure to have a list of questions if you find that you do not entirely understand the pros and cons of all the various loan programs. It's hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

Locking in an interest rate signifies that the mortgage lender keeps to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who opt to float believe interest rates will decline 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 decrease your rate

If you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of common loan documentation.

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