Applying for your new home loan in Vista with the help of Stoneridge Realty & Property Management Services

Applying for a mortgage loan can be one of the most stressful elements of purchasing a home, but it doesn't have to be. I'm close with a lot of mortgage lenders in Vista, and they've helped me understand a few things that make the process of applying for a loan easy.

1 – Assemble a list of questions regarding your loan program

Make sure you have a list of questions with you if you do not totally comprehend the advantages and disadvantages of the various programs. I or one of my trusted lenders will help you understand the advantages and disadvantages of each one, because it can be hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in the rate, it indicates that a mortgage lender keeps to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who opt to float believe interest rates will decline 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 decrease your rate

If you decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will help you decide 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 your documents together. Click here to get a list of general loan documentation.