Securing financing is just one aspect of getting into a new home. D & L Real Estate is experienced at assisting new and experienced in all areas of real estate. Contact me if your needs include a professional REALTOR® experienced at the business side of real estate.

Are you financing your home in South Central Minnesota?

Feeling lots of anxiety over applying for a mortgage? You don't have to be. I have close working relationships with some reputable lenders in South Central Minnesota, and they've helped me recognize a few things that make the loan application process much easier.

1 – Compose a list of questions regarding your loan program

If you do not fully comprehend the ins and outs of all the various programs, make sure to have a list of questions. One of my lenders or I will assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in signifies that a lender commits to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Buyers who opt to float conclude that the 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 interest rate

When you choose to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. If you're not sure if purchasing points is the best option for you, click here to use my points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to see general information that goes on a loan application.