
	Getting your mortgage is just one part of getting into a new home. Clark Properties II is experienced at helping new and experienced in all areas of real estate. Call us today at 507.831.2819 if your needs include a real estate professional experienced at the business side of buying and selling.

Are you going to finance a home?

When buying a home, applying for a loan is distressing for a lot of people, but it doesn't have to be. We have close professional relationships with many lenders in the area, and they've helped us recognize some things that make the process of applying for a loan very manageable.

1 – Assemble a list of questions about your loan program

If you don't fully understand the advantages and disadvantages of all the different financing options, make sure you have a list of questions. It is often a challenge to know the characteristics of fixed and adjustable rate mortgages. An agent or one of the lender contacts will assist you with understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in the interest rate, your mortgage lender is keeping to the interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Buyers who decide to float conclude the interest rates will decline 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

Usually you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to preview typical information that goes on a loan application.