Applying for your home loan in Saint Cloud

Most people think that applying for the mortgage loan is one of the most distressing elements of buying a home, but it doesn't have to be. Being close to various lenders in Saint Cloud has helped me understand some things that make the process of applying for a loan uncomplicated.

1 – Make a list of questions regarding your loan program

If you find that you don't perfectly realize the pros and cons of all the different programs, be sure you bring 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 is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in a rate denotes that your mortgage lender keeps 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 loan application day and closing. Those who choose to float conclude the interest rates will drop 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 rate

Usually 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. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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