Applying for a new home loan in San Diego with the help of Baytown Properties
For many people, applying for the mortgage loan can be one of the more demanding elements of buying a home, but it doesn't have to be.
I'm close to various mortgage lenders in the San Diego area, and they've helped me understand a few things that make the loan application process a breeze.
1 – Make a list of questions about your loan program
Be sure you bring a list of questions with you if you do not totally realize the advantages and disadvantages of all the various loan programs.
It's a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of both.
2 – Decide when you want to lock
When you lock in the interest rate, it designates that the lender keeps to the interest rates for the loan – often at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who opt to float think that the interest rates will fall 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 interest rate
If you decide to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
If you're undecided on whether or not buying points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.