Applying for your home loan in Inglewood
When buying a home, applying for the mortgage loan is a very demanding event for many people, but it doesn't have to be.
I'm close with some lenders in the Inglewood area, and they've helped me understand a few things that will make the loan application process uncomplicated.
1 – Compile a list of questions regarding your loan program
If you don't completely understand the pros and cons of the different loan programs, be sure you have a list of questions with you.
I or one of my lenders will help you understand the advantages and disadvantages of each program, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.
2 – Decide when to lock
When you lock in the interest rate, it denotes that your lender holds to the interest rates for the loan – normally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who decide to float presume the interest rates will plunge 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
If you opt to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.
4 – Bring your paperwork
Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here for a list of normal loan documentation.