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

For most people, applying for mortgage financing can be one of the most distressing aspects of purchasing a home, but it doesn't have to be. I have a close business relationship with various mortgage lenders in Vista, and they've helped me recognize some things that will make the loan application process easy.

1 – Assemble a list of questions regarding your loan program

Make sure you bring a list of questions if you find that you do not totally understand the advantages and disadvantages of the different programs. It is often a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in an interest rate, the lender is guaranteed to hold to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who elect to float think 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 choose to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're undecided on whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.