Are you financing your new home in Vista?

A lot of people believe that applying for a loan is one of the more troublesome elements of purchasing a house, but it doesn't have to be. Having connections to some lending companies in the Vista area has helped me learn a few things that will make the process of applying for a loan pretty simple.

1 – Create a list of questions about your loan program

If you do not completely understand the advantages and disadvantages of all the various programs, be sure to bring a list of questions. At times, it can be a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each.

2 – Determine when you want to lock

When you lock in a rate, it indicates that your lender holds to the mortgage interest rates for the loan – usually at the time the loan application is received. 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. Those who prefer to float think that 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 decrease your interest rate

When you choose to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

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