Are you thinking of financing a new home? Realty Executives of Cape County can help.

For most people, applying for financing can be one of the more distressing aspects of buying a house, but it doesn't have to be. Having connections to several lenders in the Cape Girardeau area has helped me recognize some things that will make the process of applying for a loan effortless.

1 – Create a list of questions about your loan program

If you don't entirely understand the pros and cons of the various loan programs, make sure you bring a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it can be hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in a rate, your mortgage lender is guaranteeing 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 the loan application day and closing. Those who opt to float believe that interest rates will plunge 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

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

4 – Compile your paperwork

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

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