
	Getting your loan locked down is just one part of a real estate transaction. Twin Cities Real Estate Group is seasoned at helping new and experienced in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of buying and selling.

Thinking of financing a new home in Wayzata?

When purchasing a home, applying for a loan is very troublesome for a lot of people, but it doesn't have to be. Being familiar with a lot of lenders in the Wayzata area has helped me understand some things that can make the process of applying for a loan pretty simple.

1 – Assemble a list of questions regarding your loan program

Make sure to have a list of questions if you find that you do not perfectly grasp the advantages and disadvantages of the various programs. I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it's hard to know the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate designates that the lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Buyers who opt to float believe interest rates will drop 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 interest rate

When you decide to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to see general questions you'll have to answer on a loan app.