Applying for your new home loan in Covina
Applying for the loan can be one of the most exasperating aspects of purchasing a house, but it doesn't have to be.
I have a close relationship with several lenders in the Covina area, and they've helped me learn a few things that will make the process of applying for a loan easy.
1 – Make a list of questions regarding your loan program
Be sure to have a list of questions with you if you don't fully comprehend the advantages and disadvantages of the different loan programs.
It is hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both.
2 – Decide when you want to lock
When you lock in the rate, your mortgage lender is sure to hold to the interest rates for the loan – typically at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Those who prefer to float conclude interest rates will decline 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 lower your interest rate
Generally you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Acquiring a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to get a list of normal loan documentation.