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Let REMAX Estate Properties assist you with applying for your new home loan in Palos Verdes Estates.

When buying a home, applying for the loan is exasperating for many people, but it doesn't have to be. I'm very close with many lenders in Palos Verdes Estates, and they've helped me learn some things that make the loan application process uncomplicated.

1 – Create a list of questions regarding your loan program

Make sure you bring a list of questions with you if you find that you don't perfectly understand the ins and outs of the various loan programs. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it is hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, a mortgage lender is guaranteed to hold to the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who elect to float think 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 lower your rate

If you choose to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if buying points is right for you.

4 – Bring your paperwork

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

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