Applying for a home loan in Vista with help from Stoneridge Realty & Property Management Services

When purchasing a home, applying for a loan is very stressful for most people, but it doesn't have to be. I have a close relationship with several mortgage lenders in the Vista area, and they've helped me realize some things that make the process of applying for a loan pretty simple.

1 – Compose a list of questions about your loan program

If you find that you don't thoroughly understand the pros and cons of the different programs, be sure you bring a list of questions with you. It can be a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in the rate, it indicates that the mortgage lender commits 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 the day you apply for the loan and issuance of closing documents. Buyers who elect to float conclude that interest rates will plunge 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 reduce your rate

When you elect to pay additional points to lower the interest rate of your loan, you'll do so by paying 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 buying points is the best option for you.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.