Let Lake Country Real Estate, Inc. assist you with applying for your home loan in Auburn.

Applying for mortgage financing is one of the most distressing parts of buying a house, but it doesn't have to be. I have a close relationship with many mortgage lenders in Auburn, and they've helped me learn a few things that can make the process of applying for a loan uncomplicated.

1 – Compile a list of questions regarding your loan program

If you don't totally comprehend the pros and cons of all the various programs, be sure you have a list of questions. Oftentimes, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in the rate, the lender is guaranteed to hold to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who opt to float conclude that the 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 reduce your rate

Usually you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of common loan documentation.

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