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

A lot of buyers believe applying for the mortgage loan is one of the more demanding elements of purchasing a home, but it doesn't have to be. I'm pretty familiar with a lot of lenders in the Sherman Oaks area, and they've helped me recognize some things that will make the process of applying for a loan effortless.

1 – Create a list of questions about your loan program

If you don't completely understand the ins and outs of the different programs, be sure to bring a list of questions with you. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it is a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the interest rate, it designates that a lender commits to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for your loan and issuance of closing documents. Buyers who elect to float think that the interest rates will drop 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 decrease your interest rate

If you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is right for you.

4 – Gather your paperwork

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

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