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Pat Douglas Realtors can assist you with applying for a new home loan.

Applying for mortgage financing is one of the most exasperating elements of buying a home for a buyer, but it doesn't have to be. I'm pretty connected to many mortgage lenders in the Inglewood area, and they've helped me understand some things that make the loan application process effortless.

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

If you do not thoroughly understand the ins and outs of the different programs, make sure to bring a list of questions with you. It is a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in a rate, it indicates that your lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who prefer 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 lower your rate

If you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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