Securing financing is just one part of getting into a new home. Dan McNellis is seasoned at helping 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 real estate.

Are you going to finance a new home in Woodbury? Dan McNellis can help.

When purchasing a home, the mortgage loan application is very exasperating for most people, but it doesn't have to be. I have excellent relationships with a lot of lending companies in Woodbury, and they've helped me understand some things that make the loan application process a breeze.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions with you if you find that you don't totally understand the ins and outs of the various programs. One of my lenders or I can assist you with understanding the advantages and disadvantages of both programs, because it's hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, the mortgage lender is guaranteed to hold to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who choose to float conclude the interest rates will drop 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 lower your interest rate

Generally you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're unsure if buying points is right for you, click here to use my points calculator.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to preview general information that goes on a loan application.

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