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Are you looking to finance a new home in Mountain Ranch? Mountain Ranch Realty, Inc. can help.

For many people, applying for the loan is one of the most troublesome elements of buying a house, but it doesn't have to be. Having connections with some mortgage lenders in the Mountain Ranch area has helped me recognize some things that can make the process of applying for a loan effortless.

1 – Organize a list of questions about your loan program

Be sure you bring a list of questions if you do not fully understand the ins and outs of the different loan programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate means that a mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who elect to float conclude the interest rates will dip 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 interest rate

When you opt to pay additional points to lower the interest rate of your loan, you will 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. It will assist you in determining if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of general loan documentation.