Applying for your home loan in Vista

When buying a home, applying for the mortgage loan is demanding for most people, but it doesn't have to be. I have a close relationship with many mortgage lenders in the Vista area, and they've helped me learn a few things that make the loan application process easy.

1 – Create a list of questions regarding your loan program

If you don't fully realize the ins and outs of the different loan programs, be sure you bring a list of questions. I or one of my lenders will help you understand the advantages and disadvantages of both programs, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, the lender is sure to keep to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and closing. Those who decide to float believe that the interest rates will drop 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 rate

Oftentimes you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.