Are you looking to finance your new home? All Seasons Real Estate, Inc can help.

Many buyers think applying for mortgage financing is one of the more demanding elements of purchasing a house, but it doesn't have to be. Having connections to many lending companies in Covina has helped me learn some things that make the loan application process uncomplicated.

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

Make sure you bring a list of questions if you find that you do not entirely understand the pros and cons of all the various loan programs. I or one of my lenders can help you understand the advantages and disadvantages of each one, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in the rate, your lender is keeping to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who prefer to float presume that 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 decrease your interest rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will 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 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.

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