Are you financing a home? Stoneridge Realty & Property Management Services can help.

When buying a home, applying for financing is very troublesome for most people, but it doesn't have to be. Being connected to a lot of mortgage lenders in the Vista area has helped me understand a few things that make the process of applying for a loan easy.

1 – Put together a list of questions regarding your loan program

Make sure to bring a list of questions if you find that you do not perfectly realize the ins and outs of all the different programs. It is a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program.

2 – Determine when to lock

By locking in the interest rate, a lender is guaranteeing the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Buyers who opt to float believe that the interest rates will plunge 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 interest rate

If you choose to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're not sure if buying points is the best option for you, click here to use our points calculator.

4 – Compile 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 general loan documentation.