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

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

1 – Put together a list of questions about your loan program

Be sure to bring a list of questions if you find that you don't completely comprehend the pros and cons of the different loan programs. It can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in a rate, the lender is sure to hold to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who choose to float presume that interest rates will fall 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 lower your interest rate

If you decide 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. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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