Are you thinking about financing a home?

Many people believe applying for the mortgage loan is one of the most stressful aspects of buying a house, but it doesn't have to be. I have a close business relationship with several lenders in Covina, and they've helped me learn a few things that can make the process of applying for a loan uncomplicated.

1 – Put together a list of questions about your loan program

If you find that you do not fully understand the pros and cons of all the different programs, be sure you have a list of questions with you. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it's hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, a lender is sure to keep to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who elect to float believe interest rates will drop 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 rate

When you decide to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. To determine if you should purchase points, click here to use our points calculator.

4 – Bring 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 general loan documentation.

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