Applying for a loan

When purchasing a home, applying for the mortgage loan is very exasperating for a lot of people, but it doesn't have to be. I have a close relationship with several mortgage lenders in Covina, and they've helped me recognize some things that can make the loan application process uncomplicated.

1 – Assemble a list of questions about your loan program

If you find that you don't entirely realize the advantages and disadvantages of the different programs, make sure to have a list of questions with you. It can be a challenge understanding the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in the rate, it designates that the lender commits to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Those who decide to float think that the interest rates will decline 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 reduce your rate

Typically you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.

4 – Compile your paperwork

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

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