Applying For A Loan

Securing financing is just one part of getting into a new home. Brenda Regan, Broker Associate, Realtor, CRS, GRI, ABR is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a real estate pro ready for the business side of buying and selling - (269) 930-7355 or

Do you wish to finance a new home?

Securing mortgage financing is one of the more troublesome parts of buying a home. But it doesn't have to be. I have close professional relationships with various lending companies in Saint Joseph, and they've helped me understand a few things that make the loan application process very easy.

1 – Assemble a list of questions regarding your loan program

Be sure you bring a list of questions if you find that you do not perfectly grasp the ins and outs of the different programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in an interest rate designates that your mortgage lender guarantees the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who opt to float believe the 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

Generally you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you with determining if buying points is right for you.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.