Applying for a home loan in Covina with the help of All Seasons Real Estate, Inc

When buying a home, applying for a loan is a stressful event for most people, but it doesn't have to be. I'm pretty well-connected to several mortgage lenders in Covina, and they've helped me learn some things that make the process of applying for a loan a breeze.

1 – Make a list of questions regarding your loan program

Make sure you have a list of questions if you find that you do not perfectly realize the ins and outs of all the different programs. I or one of my trusted lenders will help you understand the advantages and disadvantages of both programs, because it's a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, it denotes that the mortgage lender commits to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who elect to float think interest rates will plunge 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 rate

If you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if purchasing points is the best option for you.

4 – Gather your paperwork

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

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