Are you going to finance your home?

For most people, applying for a mortgage loan can be one of the more exasperating elements of buying a home, but it doesn't have to be. Being familiar with various mortgage lenders in Covina has helped me learn some things that make the process of applying for a loan pretty simple.

1 – Make a list of questions regarding your loan program

Make sure to have a list of questions with you if you don't completely understand the advantages and disadvantages of the different programs. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, the mortgage lender is sure to hold to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Buyers who prefer to float think the interest rates will dip 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 decrease your rate

Normally you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.

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