Applying for your loan in Vista

Applying for the mortgage loan can be one of the most exasperating aspects of buying a house for a buyer, but it doesn't have to be. I have a close business relationship with several mortgage lenders in the Vista area, and they've helped me recognize some things that will make the loan application process uncomplicated.

1 – Organize a list of questions about your loan program

Be sure you have a list of questions with you if you find that you do not thoroughly understand the ins and outs of the different loan programs. It's a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the interest rate, it designates that your lender guarantees the interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Those who prefer to float believe the 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 opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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