Are you looking to finance your new home in Saint Cloud? Preferred Real Estate can help.

For a lot of people, applying for the mortgage loan can be one of the more troublesome elements of buying a home, but it doesn't have to be. Being connected with several lending companies in the Saint Cloud area has helped me understand some things that will make the process of applying for a loan uncomplicated.

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

If you don't fully understand the pros and cons of all the various programs, make sure you bring a list of questions. It is hard to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in the rate, it signifies that a lender holds to the mortgage interest rates for the loan – commonly 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 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 lower your interest rate

Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if purchasing points is right for you.

4 – Gather your paperwork

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

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