Applying for a loan in Saint Cloud with the help of Preferred Real Estate

For a lot of people, applying for the mortgage loan can be one of the most troublesome elements of buying a house, but it doesn't have to be. Being connected with some lenders in Saint Cloud has helped me understand some things that will make the process of applying for a loan easy.

1 – Compose a list of questions regarding your loan program

If you find that you don't fully understand the ins and outs of the different loan programs, make sure to have a list of questions with you. It's a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in a rate, it signifies that a lender keeps to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Buyers who choose to float believe the interest rates will decline 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 lower your rate

If you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in determining if purchasing points is the best option for you.

4 – Gather your paperwork

Acquiring a loan requires a lot 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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