Thinking of financing a home in Sherman Oaks?

For a lot of people, applying for a mortgage loan is one of the most stressful parts of purchasing a house, but it doesn't have to be. I'm pretty connected with some mortgage lenders in the Sherman Oaks area, and they've helped me learn a few things that will make the loan application process effortless.

1 – Put together a list of questions regarding your loan program

Make sure to bring a list of questions if you find that you don't fully understand the pros and cons of all the different programs. It is a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in a rate, it designates that the lender guarantees the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who elect to float believe interest rates will decline 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 rate

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

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.

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