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

When buying a home, applying for the loan is very demanding for a lot of people, but it doesn't have to be. I'm very close with various mortgage lenders in the Sherman Oaks area, and they've helped me recognize some things that make the process of applying for a loan easy.

1 – Organize a list of questions about your loan program

Be sure to bring a list of questions if you don't fully realize the ins and outs of the various programs. I or one of my trusted lenders can help you understand the advantages and disadvantages of each one, because it's a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, a lender is sure to keep to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who choose to float believe 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 reduce your rate

When you decide to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will assist you in deciding if buying points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.

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