Getting your loan locked down is just one aspect of a real estate transaction. Northern Land & Realty Co. is seasoned at aiding both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® experienced at the business side of buying and selling.

Are you financing a new home? Northern Land & Realty Co. can help.

Feeling lots of anxiety over applying for a mortgage? You don't have to be. I have close working relationships with many lenders in Havre, and they've helped me learn some things that make the process of applying for a loan very manageable.

1 – Organize a list of questions regarding your loan program

If you don't thoroughly understand the pros and cons of the various loan programs, make sure you have a list of questions. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and closing. Those who elect to float believe the interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to reduce your rate

If you opt to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with deciding if purchasing points is the best option for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a feel for general information that goes on a loan application.