Looking to finance your new home?

For a lot of people, applying for the loan can be one of the most demanding aspects of purchasing a home, but it doesn't have to be. Being connected to various lending companies in Valencia has helped me recognize a few things that can make the process of applying for a loan easy.

1 – Create a list of questions regarding your loan program

If you find that you don't completely comprehend the pros and cons of all the various programs, make sure to bring a list of questions. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program, because it is a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate means that a mortgage lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who decide to float believe the interest rates will drop 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 interest rate

Normally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. If you're not sure if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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