Do you want to finance a new home? All Seasons Real Estate, Inc can help.

For a lot of people, applying for the mortgage loan can be one of the more exasperating parts of buying a home, but it doesn't have to be. I have a close business relationship with several lending companies in Covina, and they've helped me understand a few things that can make the loan application process uncomplicated.

1 – Make a list of questions regarding your loan program

Make sure you bring a list of questions if you don't totally understand the pros and cons of all the various loan programs. Oftentimes, it can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program.

2 – Decide when to lock

By locking in a rate, a lender is holding to the mortgage interest rates for the loan – typically 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 decide to float believe 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 lower your interest rate

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

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of normal loan documentation.

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