
	Getting your loan locked down is just one part of a real estate transaction. Milestone Realtors is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 630-310-9587 if your needs include a real estate pro experienced at the business side of buying and selling.

Do you wish to finance a new home in Downers Grove? Milestone Realtors can help.

Stressed out about applying for a mortgage? You don't have to be. I have close working relationships with several mortgage lenders in Downers Grove, and they've helped me recognize a few things that make the process of applying for a loan easy.

1 – Make a list of questions regarding your loan program

If you do not fully understand the ins and outs of the various financing options, make sure to bring a list of questions with you. Oftentimes, it can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of each one.

2 – Determine when to lock

Locking in a rate designates that your lender holds to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who elect to float conclude interest rates will plunge 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

When you decide to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with determining if buying points is right for you.

4 – Gather your paperwork

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