Let Stoneridge Realty & Property Management Services assist you in applying for a home loan.

For a lot of people, applying for the mortgage loan can be one of the more exasperating parts of purchasing a house, but it doesn't have to be. I have a close business relationship with various lending companies in Vista, and they've helped me recognize a few things that make the process of applying for a loan pretty simple.

1 – Assemble a list of questions regarding your loan program

Be sure to have a list of questions with you if you do not entirely realize the pros and cons of the various loan programs. It is often a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

When you lock in the interest rate, it indicates that your mortgage lender keeps to the mortgage interest rates for the loan – ordinarily 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 the issuing of closing documents. Buyers who elect to float presume 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 decrease your rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if you should buy points, 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 your documents together. Click here to get a list of normal loan documentation.