Are you financing a home?

Most people believe applying for a mortgage loan is one of the most distressing aspects of purchasing a home, but it doesn't have to be. I'm close with some mortgage lenders in Covina, and they've helped me realize some things that can make the loan application process pretty simple.

1 – Create a list of questions regarding your loan program

If you do not thoroughly comprehend the pros and cons of the different loan programs, make sure to bring a list of questions with you. It is a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

By locking in the rate, the lender is committing to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and closing. Those who opt to float presume that the 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 interest rate

When you decide to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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