Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can assist you in applying for a home loan.

When buying a home, applying for the mortgage loan is a exasperating event for most people, but it doesn't have to be. Being close to various lending companies in Sherman Oaks has helped me recognize some things that will make the loan application process very manageable.

1 – Make a list of questions about your loan program

If you find that you don't thoroughly comprehend the advantages and disadvantages of the different programs, be sure to bring a list of questions. It is often a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

When you lock in the rate, it means that the mortgage lender holds to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who elect to float conclude the interest rates will dip 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 decrease your rate

Oftentimes you can decide to pay additional points to lower the interest rate of your mortgage loan. Every 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 with determining if purchasing points is the best option for you.

4 – Compile your paperwork

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

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