Applying for your loan

Most people believe applying for the loan is one of the more stressful elements of buying a house, but it doesn't have to be. Having connections with various mortgage lenders in Beverly Hills has helped me understand a few things that make the loan application process easy.

1 – Assemble a list of questions about your loan program

If you don't fully comprehend the pros and cons of all the different loan programs, make sure you bring a list of questions with you. It's a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each one.

2 – Determine when to lock

When you lock in the interest rate, it signifies that a mortgage lender commits to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Those who opt to float believe the interest rates will plunge 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

Oftentimes you can choose to pay additional points to lower the rate of your mortgage 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. This tool will assist you in deciding if purchasing points is right for you.

4 – Gather your paperwork

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

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