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Are you looking to finance a new home?

For most people, applying for the loan can be one of the most exasperating aspects of purchasing a home, but it doesn't have to be. I have a close relationship with some lending companies in Inglewood, and they've helped me realize a few things that make the loan application process pretty simple.

1 – Create a list of questions regarding your loan program

If you do not totally comprehend the ins and outs of all the different loan programs, make sure you have a list of questions with you. At times, it can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each one.

2 – Decide when to lock

Locking in a rate denotes that your lender keeps to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who decide to float presume that 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 reduce your interest rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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

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