Lake Country Real Estate, Inc. can assist you in financing your home.

When buying a home, applying for the mortgage loan is a troublesome event for a lot of people, but it doesn't have to be. I'm very connected to a lot of mortgage lenders in the Auburn area, and they've helped me recognize some things that make the loan application process a snap.

1 – Organize a list of questions regarding your loan program

Be sure you have a list of questions if you find that you do not thoroughly realize the pros and cons of the various loan programs. It is a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

By locking in the rate, the mortgage lender is keeping to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Those who choose to float conclude that the interest rates will plunge 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 reduce your interest rate

If you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.

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