Are you going to finance a home?

When buying a home, applying for financing is very demanding for most people, but it doesn't have to be. I'm pretty connected with various lenders in the Covina area, and they've helped me realize a few things that can make the loan application process much easier.

1 – Assemble a list of questions about your loan program

If you find that you don't perfectly comprehend the ins and outs of all the different programs, be sure you bring a list of questions. I or one of my lenders can help you understand the advantages and disadvantages of each one, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, it indicates that the mortgage lender commits to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Those who prefer to float think that interest rates will plunge 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

When you choose to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you in determining if buying points is the best option for you.

4 – Compile your paperwork

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

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