Do you wish to finance a new home in Covina? All Seasons Real Estate, Inc can help.

A lot of people believe applying for financing is one of the most demanding aspects of purchasing a home, but it doesn't have to be. Having connections with various lending companies in the Covina area has helped me recognize some things that make the loan application process a breeze.

1 – Create a list of questions regarding your loan program

If you find that you don't fully understand the pros and cons of the various programs, be sure you bring a list of questions with you. At times, it can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in a rate, a mortgage lender is sure to keep to the interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Those who elect to float think the interest rates will decline 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 reduce your rate

Usually you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine 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 all your documentation together. Click here for a list of typical loan documentation.

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