Are you thinking about financing your home in Sherman Oaks? Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help.

When buying a home, applying for financing is very distressing for many people, but it doesn't have to be. Being familiar with many lenders in the Sherman Oaks area has helped me understand a few things that will make the process of applying for a loan a snap.

1 – Compose a list of questions about your loan program

If you don't fully comprehend the advantages and disadvantages of all the different loan programs, be sure to bring a list of questions with you. At times, it can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each one.

2 – Decide when to lock

When you lock in a rate, a mortgage lender is guaranteed to keep to the interest rates for the loan – typically at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who choose to float believe that the interest rates will dip 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 rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of general loan documentation.

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