Are you financing a new home in Auburn? Lake Country Real Estate, Inc. can help.

For most people, applying for a mortgage loan is one of the most stressful aspects of purchasing a home, but it doesn't have to be. I'm pretty familiar with many mortgage lenders in the Auburn area, and they've helped me understand a few things that can make the loan application process uncomplicated.

1 – Organize a list of questions regarding your loan program

If you find that you do not completely realize the ins and outs of all the different programs, be sure you have a list of questions. 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 one.

2 – Decide when you want to lock

By locking in a rate, your mortgage lender is holding to the interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who elect to float think interest rates will fall 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 lower your interest rate

Usually you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're not sure if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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

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