Applying for a home loan with help from RE/MAX Advantage

For most people, applying for the loan can be one of the most exasperating parts of buying a home, but it doesn't have to be. Being familiar with many lending companies in Rice Lake has helped me recognize a few things that will make the loan application process very manageable.

1 – Organize a list of questions regarding your loan program

If you do not completely understand the pros and cons of the different loan programs, make sure to have a list of questions with you. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program, because it is hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate signifies that the lender guarantees the interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Buyers who elect to float conclude that interest rates will fall 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

Typically you can elect 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. To decide if you should purchase points, click here to use our points calculator.

4 – Gather your paperwork

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

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