Are you looking to finance your new home in Vista? Stoneridge Realty & Property Management Services can help.

For most people, applying for financing can be one of the most distressing elements of purchasing a house, but it doesn't have to be. I have a close relationship with some lending companies in Vista, and they've helped me realize a few things that can make the loan application process very manageable.

1 – Compose a list of questions about your loan program

If you find that you don't fully comprehend the pros and cons of the various loan programs, be sure to bring a list of questions with you. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each one, because it is 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, it designates that a mortgage lender guarantees the mortgage interest rates for the loan – ordinarily 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 at the time of closing. Buyers who prefer to float presume 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 – Determine if you want to pay additional points to lower your interest rate

Usually you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will assist you in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

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