Applying for a new home loan with help from Lake Country Real Estate, Inc.

For most people, applying for a mortgage loan is one of the more exasperating aspects of purchasing a house, but it doesn't have to be. Being connected to a lot of lenders in Auburn has helped me understand a few things that will make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

Be sure you have a list of questions if you don't thoroughly realize the ins and outs of the different loan programs. Oftentimes, it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the interest rate, it means that your mortgage lender guarantees the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who decide to float presume that the 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 decrease your rate

When you elect to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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