Are you thinking about financing your new home?

When buying a home, applying for financing is a stressful event for most people, but it doesn't have to be. Having connections to some lenders in the Saint Cloud area has helped me learn some things that will make the process of applying for a loan effortless.

1 – Compile a list of questions regarding your loan program

Be sure you have a list of questions if you find that you don't thoroughly realize the ins and outs of the different loan programs. It is a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in a rate, it indicates that the mortgage lender keeps to the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. 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 decrease your rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of typical loan documentation.

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