Let All Seasons Real Estate, Inc assist you in applying for a new home loan.

Applying for the loan can be one of the most troublesome aspects of buying a house, but it doesn't have to be. I'm familiar with some lenders in the Covina area, and they've helped me recognize a few things that will make the loan application process a snap.

1 – Make a list of questions about your loan program

Be sure to have a list of questions if you find that you do not entirely realize the ins and outs of the various loan programs. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in a rate designates that your lender guarantees the mortgage interest rates for the loan – usually 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 prefer to float conclude interest rates will drop 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

Generally you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.

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