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Applying for a home loan with the help of REMAX Estate Properties

When purchasing a home, applying for a loan is a exasperating event for most people, but it doesn't have to be. Having connections to a lot of lending companies in the Palos Verdes Estates area has helped me understand a few things that make the process of applying for a loan much easier.

1 – Put together a list of questions about your loan program

Be sure you have a list of questions with you if you do not thoroughly comprehend the ins and outs of the various programs. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the rate means that a lender guarantees the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who decide to float believe that the 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

If you choose to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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