Are you thinking about financing your new home in Cape Girardeau? Realty Executives of Cape County can help.

Applying for the mortgage loan can be one of the most stressful elements of buying a home for a buyer, but it doesn't have to be. I have a close business relationship with several lenders in Cape Girardeau, and they've helped me realize a few things that will make the process of applying for a loan very manageable.

1 – Assemble a list of questions regarding your loan program

If you do not totally realize the ins and outs of all the different loan programs, be sure to have a list of questions. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each one, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, the lender is keeping to the mortgage interest rates for the loan – typically at the time the loan application is sent in. 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 elect to float conclude 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 reduce your interest rate

Normally you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.

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