Let Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 assist you with applying for a loan in Sherman Oaks.

When buying a home, applying for the loan is very stressful for most people, but it doesn't have to be. I'm very connected with many mortgage lenders in Sherman Oaks, and they've helped me recognize a few things that can make the process of applying for a loan effortless.

1 – Create a list of questions about your loan program

Make sure to bring a list of questions if you do not perfectly understand the advantages and disadvantages of the various programs. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program, because it is hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, the mortgage lender is guaranteed to hold 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 at any time between the day of your loan application and issuance of closing documents. Buyers who elect to float think 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 – Determine if you want to pay additional points to reduce your interest rate

Typically you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if purchasing points is right for you.

4 – Bring your paperwork

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

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