Applying for your loan with the help of Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090

When purchasing a home, applying for financing is very exasperating for many people, but it doesn't have to be. I'm very well-connected with many mortgage lenders in Sherman Oaks, and they've helped me learn some things that make the process of applying for a loan effortless.

1 – Compose a list of questions about your loan program

If you do not fully comprehend the advantages and disadvantages of the various programs, make sure to have a list of questions. It is often a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of both programs.

2 – Determine when you want to lock

By locking in the interest rate, the mortgage lender is committing to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who elect to float think that interest rates will plunge 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 choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in determining if buying points is the best option for you.

4 – Gather your paperwork

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

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