Applying for your loan with help from Fenton Real Estate

For many people, applying for mortgage financing is one of the most distressing parts of purchasing a house, but it doesn't have to be. I have a close business relationship with some lenders in the Bakersfield area, and they've helped me understand some things that can make the process of applying for a loan easy.

1 – Organize a list of questions about your loan program

If you find that you do not entirely realize the pros and cons of the various programs, make sure you have a list of questions with you. I or one of my lenders can help you understand the advantages and disadvantages of both programs, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in an interest rate, the lender is keeping to the mortgage interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who prefer to float believe 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 reduce your rate

Generally you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Gather your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.

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