Applying for a loan in Vista

Applying for mortgage financing is one of the most troublesome elements of purchasing a house, but it doesn't have to be. I have a close business relationship with many mortgage lenders in Vista, and they've helped me recognize some things that make the process of applying for a loan very manageable.

1 – Compile a list of questions about your loan program

Be sure to bring a list of questions if you don't perfectly understand the advantages and disadvantages of the different programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the interest rate, a mortgage lender is committing to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who decide to float believe that interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

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

4 – Bring your paperwork

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