Are you going to finance your new home in Covina?

When buying a home, applying for the mortgage loan is very distressing for most people, but it doesn't have to be. Being close with some lenders in the Covina area has helped me recognize some things that will make the loan application process uncomplicated.

1 – Compile a list of questions regarding your loan program

If you don't fully realize the pros and cons of the various loan programs, make sure to have a list of questions. It is often hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Decide when you want to lock

When you lock in a rate, it indicates that your mortgage lender commits to the interest rates for the loan – often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who decide to float presume the 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 interest rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of typical loan documentation.

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