Are you looking to finance your new home in Cape Girardeau? Realty Executives of Cape County can help.

For most people, applying for a loan is one of the most exasperating elements of purchasing a house, but it doesn't have to be. Having connections to a lot of lending companies in Cape Girardeau has helped me learn a few things that will make the loan application process very easy.

1 – Make a list of questions regarding your loan program

If you find that you do not perfectly understand the ins and outs of the various loan programs, be sure you have a list of questions. Oftentimes, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in an interest rate, your mortgage lender is guaranteeing the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Those who decide to float presume 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 decrease your rate

If you choose to pay additional points to lower the rate of your loan, you'll pay 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 help you decide if buying points is the best option for you.

4 – Gather your paperwork

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

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