Scenic Hills Realty can assist you in financing a new home.

Applying for financing is one of the most stressful elements of buying a home, but it doesn't have to be. I have a close business relationship with many lending companies in Valencia, and they've helped me understand some things that will make the loan application process very manageable.

1 – Organize a list of questions about your loan program

If you don't perfectly understand the pros and cons of the different loan programs, make sure to have a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of both programs, because it's hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in an interest rate, a lender is keeping to the mortgage interest rates for the loan – typically at the time the loan application is received. 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. Those who elect to float presume the interest rates will plunge 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 interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. To decide if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.

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