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

Applying for mortgage financing is one of the most troublesome elements of buying a house 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 a few things that can make the loan application process much easier.

1 – Compose a list of questions about your loan program

If you do not fully realize the pros and cons of all the different loan programs, be sure to bring a list of questions with you. I or one of my lenders will be able to help you understand the advantages and disadvantages of both programs, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it indicates that a lender keeps to the interest rates for the loan – generally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who opt to float presume that the interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to lower your interest rate

Generally you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're not sure if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of typical loan documentation.

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