Applying for a home loan in Rice Lake with the help of RE/MAX Advantage

Applying for a loan can be one of the most stressful parts of purchasing a house for a buyer, but it doesn't have to be. Having connections to a lot of mortgage lenders in Rice Lake has helped me learn a few things that can make the loan application process a snap.

1 – Assemble a list of questions about your loan program

If you don't perfectly comprehend the advantages and disadvantages of the different loan programs, make 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 each one, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate means that the mortgage lender commits to the 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 application and closing. Those who opt to float believe that interest rates will fall 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

Normally you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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