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

For most people, applying for a loan is one of the most stressful elements of purchasing a house, but it doesn't have to be. I'm pretty connected with some lenders in the Vista area, and they've helped me realize some things that can make the loan application process much easier.

1 – Assemble a list of questions regarding your loan program

Make sure to bring a list of questions with you if you find that you don't entirely realize the ins and outs of all the various programs. I or one of my lenders can assist you with understanding the advantages and disadvantages of both programs, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in a rate, it designates that the lender holds to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and closing. Those who opt to float presume the 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

Normally you can choose to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're uncertain if buying points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

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