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Let REMAX Estate Properties help you with financing a new home.

Applying for a loan can be one of the most exasperating aspects of purchasing a home for a buyer, but it doesn't have to be. I have a close relationship with various mortgage lenders in the Palos Verdes Estates area, and they've helped me realize some things that make the loan application process uncomplicated.

1 – Assemble a list of questions regarding your loan program

If you do not totally realize the ins and outs of the different programs, be sure you bring a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, it denotes that your mortgage lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who opt to float think 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 decrease your interest rate

If you elect to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in determining if purchasing points is right for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of common loan documentation.

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