Getting your loan locked down is just one aspect of a home purchase. Sue Mark-Lunde & Tye Olsen is seasoned at helping 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 real estate.

Looking to finance your home? Sue Mark-Lunde & Tye Olsen can help.

When purchasing a home, applying for the loan is very distressing for many people, but it doesn't have to be. Being familiar with a lot of mortgage lenders in Salt Lake City has helped me understand a lot of the things that can make the loan application process much easier.

1 – Create a list of questions regarding your loan program

If you do not completely comprehend the pros and cons of the various programs, be sure you bring a list of questions. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, a lender is sure to hold to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Those who opt to float believe interest rates will plunge 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 interest rate

Generally you can opt 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 the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Bring your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to preview general questions you'll have to answer on a loan app.