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Thinking of financing a home?

Many buyers believe applying for the loan is one of the most exasperating parts of purchasing a house, but it doesn't have to be. Being connected to several lenders in the Palos Verdes Estates area has helped me realize some things that will make the loan application process uncomplicated.

1 – Put together a list of questions regarding your loan program

Be sure you bring a list of questions with you if you don't perfectly comprehend the ins and outs of all the different programs. At times, it can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both.

2 – Determine when to lock

Locking in the interest rate denotes that a mortgage lender holds to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Buyers who prefer to float presume the interest rates will drop 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 reduce your interest rate

Oftentimes you can choose 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 closing. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

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

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