Are you going to finance your home in Vista?

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

1 – Make a list of questions regarding your loan program

If you do not perfectly realize the pros and cons of all the various programs, make sure you bring a list of questions. It is 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 – Determine when to lock

When you lock in a rate, your lender is guaranteed to commit to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who elect 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 reduce your interest rate

Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. To determine if you should buy points, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of normal loan documentation.