
	Getting your mortgage is just one aspect of a home purchase. Incentive Realty is experienced at assisting both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of real estate.

Are you going to finance a new home in the Twin Cities?

When buying a home, applying for a loan is very exasperating for many people, but it doesn't have to be. I have close business relationships with several mortgage lenders in Maple Grove, and they've helped me understand a few things that will make the process of applying for a loan very easy.

1 – Compose a list of questions regarding your loan program

If you find that you don't fully realize the pros and cons of the different programs, make sure to have a list of questions with you. It is often a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in a rate, your lender is holding to the mortgage interest rates for the loan – usually 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 the loan and the issuing of closing documents. Buyers who choose to float conclude that interest rates will dip 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 reduce your interest rate

When you choose to pay additional points to lower the 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 mortgage loan. Click here to use our points calculator. It will assist you with determining if purchasing points is the best option for you.

4 – Bring your paperwork

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