Applying for your home loan

Applying for a loan is one of the most distressing elements of purchasing a home, but it doesn't have to be. Being connected with some mortgage lenders in the Beverly Hills area has helped me realize a few things that make the loan application process very manageable.

1 – Create a list of questions regarding your loan program

Be sure you have a list of questions if you do not totally understand the pros and cons of all the different programs. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program, because it is a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate signifies that a mortgage lender holds to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who choose 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 – Decide if you want to pay additional points to decrease your rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if purchasing points is right for you.

4 – Bring your paperwork

Getting a mortgage loan requires lots 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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