Let Preferred Real Estate assist you in applying for your home loan in Saint Cloud.

When buying a home, applying for a loan is very exasperating for many people, but it doesn't have to be. I'm very close to various lenders in the Saint Cloud area, and they've helped me understand some things that can make the process of applying for a loan effortless.

1 – Create a list of questions regarding your loan program

If you don't thoroughly comprehend the ins and outs of all the various loan programs, be sure to have a list of questions with you. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it indicates that a mortgage lender commits to the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Those who choose to float presume 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 decrease your rate

Generally you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.

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