Are you financing your home in Rice Lake?

When purchasing a home, applying for a mortgage loan is very troublesome for most people, but it doesn't have to be. I have a close relationship with several mortgage lenders in Rice Lake, and they've helped me understand some things that can make the loan application process a breeze.

1 – Make a list of questions about your loan program

If you don't fully understand the advantages and disadvantages of the different loan programs, make sure you have a list of questions with you. It can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in a rate, your lender is sure to hold to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Buyers who elect to float conclude 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 – Decide if you want to pay additional points to reduce your rate

Typically you can choose 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 closing. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Compile your paperwork

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

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