Let Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 assist you with applying for your home loan.

For many people, applying for the mortgage loan is one of the more troublesome aspects of buying a home, but it doesn't have to be. I'm very well-connected with various mortgage lenders in Sherman Oaks, and they've helped me understand a few things that will make the process of applying for a loan very manageable.

1 – Put together a list of questions about your loan program

Be sure to have a list of questions if you do not thoroughly comprehend the advantages and disadvantages of all the different loan programs. It is often a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in the interest rate, a mortgage lender is guaranteed to keep to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who prefer to float believe 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 – 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 will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is right for you.

4 – Bring your paperwork

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

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