Are you looking to finance your home in Bakersfield? Fenton Real Estate can help.

For a lot of people, applying for a loan is one of the most stressful aspects of purchasing a home, but it doesn't have to be. I have a close business relationship with a lot of lending companies in the Bakersfield area, and they've helped me recognize some things that will make the process of applying for a loan much easier.

1 – Assemble a list of questions regarding your loan program

If you do not completely comprehend the pros and cons of all the various loan programs, be sure you have a list of questions with you. It's a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

By locking in an interest rate, the mortgage lender is committing to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for the loan and at the time of closing. Buyers who elect to float believe that the interest rates will dip 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

If you choose to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with deciding if purchasing points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here for a list of general loan documentation.

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