Applying for your loan with the help of Preferred Real Estate

When buying a home, applying for a loan is a very demanding event for many people, but it doesn't have to be. I'm pretty well-connected to many lenders in Saint Cloud, and they've helped me learn some things that will make the loan application process a snap.

1 – Assemble a list of questions about your loan program

If you do not fully comprehend the advantages and disadvantages of the different programs, be sure you have a list of questions with you. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, a mortgage lender is keeping to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who prefer to float believe that interest rates will dip 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

When you elect to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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