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Do you want to finance your home?

Applying for the mortgage loan is one of the most distressing elements of buying a home, but it doesn't have to be. Being close with many lenders in the Palos Verdes Estates area has helped me understand some things that make the loan application process very manageable.

1 – Compose a list of questions about your loan program

Be sure you bring a list of questions with you if you don't perfectly comprehend the pros and cons of all the various loan programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in means that your mortgage lender commits to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who opt to float think the interest rates will fall 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 decrease your rate

Typically you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you with determining if buying points is the best option for you.

4 – Bring 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 common loan documentation.

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