Are you financing your new home in Valencia? Scenic Hills Realty can help.

Applying for financing is one of the most exasperating elements of buying a house for a buyer, but it doesn't have to be. Being close with a lot of lending companies in the Valencia area has helped me recognize some things that will make the process of applying for a loan pretty simple.

1 – Make a list of questions about your loan program

If you find that you don't thoroughly realize the pros and cons of the various loan programs, be sure to bring a list of questions. I or one of my trusted lenders can help you understand the advantages and disadvantages of each one, because it's hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the rate means that a mortgage lender commits to the mortgage interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who prefer to float conclude 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 lower your interest rate

If you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're uncertain as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.

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