Do you wish to finance your new home?

Applying for the loan is one of the most exasperating aspects of purchasing a home for a buyer, but it doesn't have to be. I'm pretty close to several lenders in the Covina area, and they've helped me recognize a few things that make the process of applying for a loan pretty simple.

1 – Compile a list of questions regarding your loan program

Be sure to have a list of questions with you if you find that you do not entirely realize the ins and outs of the various programs. Oftentimes, it can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in the rate, it indicates that the mortgage lender commits to the 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 issuance of closing documents. Buyers who opt to float believe that interest rates will decline 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 reduce your rate

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

4 – Compile your paperwork

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

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