Are you thinking about financing a home in Sherman Oaks? Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help.

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

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

Be sure you bring a list of questions with you if you do not entirely understand the pros and cons of the various loan programs. At times, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in a rate, it means that the lender holds to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who prefer to float presume that interest rates will dip 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 lower your rate

Generally you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.

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