Preferred Real Estate can assist you in financing a home in Saint Cloud.

Applying for the mortgage loan can be one of the most troublesome parts of buying a home for a buyer, but it doesn't have to be. Being close to several mortgage lenders in the Saint Cloud area has helped me learn some things that can make the process of applying for a loan much easier.

1 – Assemble a list of questions regarding your loan program

If you find that you do not totally comprehend the pros and cons of all the different loan programs, be sure you bring a list of questions with you. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it's hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in a rate, the mortgage lender is holding to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Buyers who prefer to float think that the interest rates will dip 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 interest rate

Generally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in deciding if buying points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of general loan documentation.

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