Do you want to finance a home in Vista? Stoneridge Realty & Property Management Services can help.

When buying a home, applying for a mortgage loan is demanding for most people, but it doesn't have to be. I have a close business relationship with some mortgage lenders in the Vista area, and they've helped me learn a few things that will make the process of applying for a loan a snap.

1 – Assemble a list of questions about your loan program

Make sure to bring a list of questions if you find that you do not thoroughly realize the ins and outs of the different loan programs. It is a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

When you lock in an interest rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who choose to float conclude that 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 lower your interest rate

When you decide to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of general loan documentation.