Are you financing your home in Vista?

When buying a home, applying for a loan is a very troublesome event for most people, but it doesn't have to be. I'm very close with a lot of lending companies in the Vista area, and they've helped me understand a few things that will make the loan application process uncomplicated.

1 – Make a list of questions regarding your loan program

If you find that you don't completely comprehend the advantages and disadvantages of the various programs, make sure you have a list of questions with you. Oftentimes, it can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in a rate, it designates that the lender holds to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and at the time of closing. Buyers who opt to float think the interest rates will fall 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

When you decide 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. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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