Do you wish to finance your new home in Sherman Oaks?
Many buyers believe that applying for the loan is one of the most demanding parts of purchasing a home, but it doesn't have to be.
I have a close business relationship with a lot of lenders in Sherman Oaks, and they've helped me learn some things that will make the loan application process very easy.
1 – Compile a list of questions about your loan program
If you don't totally understand the ins and outs of all the various loan programs, make sure to have a list of questions.
I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it's a challenge to know the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in signifies that your mortgage lender guarantees the interest rates for the loan – usually at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Buyers who prefer to float presume 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 interest rate
Oftentimes you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing.
If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of common loan documentation.