Looking to finance your home? All Seasons Real Estate, Inc can help.

When buying a home, applying for the mortgage loan is a distressing event for most people, but it doesn't have to be. I'm pretty connected with a lot of lenders in Covina, and they've helped me recognize some things that can make the process of applying for a loan pretty simple.

1 – Organize a list of questions about your loan program

If you find that you don't completely comprehend the ins and outs of all the different programs, make sure to bring a list of questions with you. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in signifies that a mortgage lender guarantees the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who opt to float think the interest rates will plunge 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

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

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.

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