Are you financing your new home in Covina?

When buying a home, applying for financing is stressful for many people, but it doesn't have to be. Being connected with some mortgage lenders in Covina has helped me recognize some things that can make the loan application process very manageable.

1 – Compose a list of questions about your loan program

If you find that you do not perfectly realize the pros and cons of the different loan programs, make sure you have a list of questions. Oftentimes, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in the rate, it signifies that a lender keeps 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 loan application day and the issuing of closing documents. Those who prefer to float think that interest rates will dip 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 lower your rate

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.

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