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Are you going to finance your new home in San Diego?

When purchasing a home, applying for a loan is stressful for a lot of people, but it doesn't have to be. Being connected to a lot of lenders in the San Diego area has helped me realize some things that can make the loan application process effortless.

1 – Assemble a list of questions regarding your loan program

If you find that you do not fully realize the advantages and disadvantages of the various programs, make sure you have a list of questions with you. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in designates that your mortgage lender commits 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 anytime between application and the issuing of closing documents. Those who decide to float believe the interest rates will dip 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 rate

Generally you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Compile your paperwork

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

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