Applying for a home loan

Applying for a mortgage loan is one of the most exasperating parts of purchasing a house, but it doesn't have to be. Being connected with many lending companies in Sherman Oaks has helped me realize some things that can make the loan application process a snap.

1 – Create a list of questions regarding your loan program

If you don't totally realize the pros and cons of all the different loan programs, make sure to bring a list of questions with you. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in a rate signifies that your mortgage lender keeps to the mortgage interest rates for the loan – normally 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 the issuing of closing documents. Those who choose to float conclude that interest rates will drop 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

If you elect to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Gather your paperwork

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

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