RE/MAX Advantage can assist you with applying for your home loan in Rice Lake.

For many people, applying for financing can be one of the more stressful elements of purchasing a house, but it doesn't have to be. I have a close business relationship with a lot of lenders in the Rice Lake area, and they've helped me understand a few things that will make the loan application process a breeze.

1 – Compose a list of questions about your loan program

Be sure you have a list of questions with you if you find that you do not thoroughly realize the pros and cons of all the different programs. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it can be hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, a mortgage lender is sure to hold to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who opt to float presume 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

If you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if purchasing points is right for you.

4 – Compile your paperwork

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

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