All Seasons Real Estate, Inc can assist you with applying for your home loan.

When purchasing a home, applying for the mortgage loan is a troublesome event for a lot of people, but it doesn't have to be. Having connections to a lot of mortgage lenders in Covina has helped me realize some things that can make the loan application process pretty simple.

1 – Create a list of questions regarding your loan program

Be sure you bring a list of questions if you find that you don't totally understand the ins and outs of the different programs. It is hard to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each one.

2 – Decide when to lock

When you lock in an interest rate, it designates that your mortgage lender guarantees the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who decide to float presume that interest rates will dip 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 opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.

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