
	Securing financing is just one aspect of a home purchase. ReMax Unlimited @ Cherry Creek Reservoir is experienced at aiding new and experienced in all areas of real estate. Call us today at 303-671-3008 if your needs include a real estate pro ready for the business side of real estate.

Applying for your loan

When purchasing a home, applying for the loan is exasperating for most people, but it doesn't have to be. I have excellent relationships with several lending companies in the Aurora area, and they've helped me recognize a few things that will make the loan application process uncomplicated.

1 – Compile a list of questions about your loan program

Be sure you bring a list of questions with you if you find that you do not completely comprehend the advantages and disadvantages of all the different programs. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, a lender is guaranteed to commit to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who decide to float presume that 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 reduce your rate

Normally you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're undecided on whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for normal information that goes on a loan application.