Are you thinking about financing a new home in Valencia?

When buying a home, applying for financing is a distressing event for a lot of people, but it doesn't have to be. I have a close relationship with many lenders in the Valencia area, and they've helped me realize a few things that will make the process of applying for a loan effortless.

1 – Make a list of questions about your loan program

Be sure to bring a list of questions with you if you don't completely comprehend the pros and cons of the different programs. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in a rate designates that the mortgage lender keeps to the interest rates for the loan – normally 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. Buyers who prefer to float presume the interest rates will fall 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 decrease your interest rate

Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in deciding if buying points is the best option for you.

4 – Compile your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of common loan documentation.

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