Applying for a home loan with help from All Seasons Real Estate, Inc

When purchasing a home, applying for the mortgage loan is a distressing event for many people, but it doesn't have to be. I have a close business relationship with many mortgage lenders in the Covina area, and they've helped me recognize some things that will make the loan application process easy.

1 – Create a list of questions regarding your loan program

Make sure to bring a list of questions with you if you find that you do not perfectly comprehend the pros and cons of all the different loan programs. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, it signifies that your lender keeps to the mortgage interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Those who elect to float believe 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 lower your interest rate

Generally you can choose to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at closing. To determine if you should buy points, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of common loan documentation.

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