Are you financing your home?

Applying for a loan can be one of the most troublesome elements of buying a home for a buyer, but it doesn't have to be. I'm pretty well-connected to many lenders in Sherman Oaks, and they've helped me recognize a few things that make the process of applying for a loan a breeze.

1 – Compose a list of questions regarding your loan program

If you don't thoroughly comprehend the ins and outs of the various loan programs, make sure you have a list of questions with you. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it's hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in a rate designates that the lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. 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 opt to float believe that the interest rates will decline 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 rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're unsure if purchasing points is right for you, click here to use our points calculator.

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 typical loan documentation.

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