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Looking to finance a new home?

Applying for mortgage financing is one of the most demanding parts of buying a house for a buyer, but it doesn't have to be. Being close with some lending companies in Palos Verdes Estates has helped me recognize a few things that will make the process of applying for a loan effortless.

1 – Compile a list of questions regarding your loan program

If you find that you don't entirely comprehend the ins and outs of all the different programs, make sure you bring a list of questions with you. It is often hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

When you lock in a rate, a mortgage lender is guaranteed to keep to the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who opt to float conclude 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 lower your rate

When you elect to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of common loan documentation.

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