Are you financing a home? Stoneridge Realty & Property Management Services can help.

A lot of buyers think that applying for mortgage financing is one of the most stressful parts of buying a home, but it doesn't have to be. Being close with several lenders in the Vista area has helped me understand a few things that will make the process of applying for a loan easy.

1 – Make a list of questions about your loan program

If you do not entirely understand the ins and outs of all the various loan programs, make sure you bring a list of questions. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs, because it's hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, the lender is guaranteed to keep to the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who prefer to float conclude that interest rates will dip 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 reduce your interest rate

Generally you can choose to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.