Thinking about financing a home? RE/MAX Advantage can help.

When buying a home, applying for a loan is a very exasperating event for many people, but it doesn't have to be. I have a close relationship with a lot of lenders in the Rice Lake area, and they've helped me learn a few things that can make the process of applying for a loan pretty simple.

1 – Assemble a list of questions regarding your loan program

If you do not thoroughly realize the pros and cons of the different loan programs, be sure you have a list of questions with you. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in an interest rate denotes that a lender commits to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who elect to float believe 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 decrease your interest rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're undecided on whether or not purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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