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Thinking about financing your home?

When purchasing a home, applying for a loan is a very troublesome event for most people, but it doesn't have to be. Being close with a lot of mortgage lenders in Inglewood has helped me recognize some things that can make the process of applying for a loan pretty simple.

1 – Compose a list of questions about your loan program

If you don't completely understand the pros and cons of the various programs, be sure to bring a list of questions. It is often a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in an interest rate, it means that the mortgage lender guarantees the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Those who prefer to float believe interest rates will decline 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 reduce your rate

Normally you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of typical loan documentation.

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