Do you want to finance your new home in Beverly Hills?

Applying for the loan can be one of the most distressing parts of buying a home for a buyer, but it doesn't have to be. Being connected to several lenders in Beverly Hills has helped me recognize a few things that will make the process of applying for a loan very easy.

1 – Compile a list of questions regarding your loan program

Make sure to bring a list of questions if you do not totally realize the advantages and disadvantages of the different programs. Oftentimes, it can be hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

By locking in a rate, a lender is keeping to the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who prefer to float believe that 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 lower your rate

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will pay 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. This tool will help you determine if buying points is right for you.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of common loan documentation.

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