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Are you thinking about financing your home in Palos Verdes Estates? REMAX Estate Properties can help.

Applying for mortgage financing is one of the most distressing aspects of purchasing a house, but it doesn't have to be. I'm connected with a lot of mortgage lenders in the Palos Verdes Estates area, and they've helped me learn some things that will make the process of applying for a loan pretty simple.

1 – Organize a list of questions regarding your loan program

Make sure to bring a list of questions if you find that you don't totally realize the ins and outs of the different programs. I or one of my lenders will help you understand the advantages and disadvantages of each program, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

By locking in the rate, a lender is committing to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who choose to float presume that 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

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

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.

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