
	Getting your loan locked down is just one part of a real estate transaction. Twin Cities Real Estate Group is experienced at aiding both new and experienced buyers alike in all areas of real estate. Call us today at 612-387-1326 if your needs include a professional REALTOR^® ready for the business side of buying and selling.

Are you financing your home in Wayzata?

Feeling lots of anxiety over applying for a mortgage? You don't have to be. Having connections with many lenders in the Wayzata area has helped me realize some things that make the process of applying for a loan a snap.

1 – Organize a list of questions about your loan program

If you find that you don't fully understand the pros and cons of all the various loan programs, make sure to have a list of questions with you. I or one of my lenders will help you understand the advantages and disadvantages of each one, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, it indicates that a lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who opt 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 lower your rate

Oftentimes you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to preview common information that goes on a loan application.