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Applying for a new home loan in Bakersfield

For many people, applying for a loan can be one of the most troublesome parts of purchasing a home, but it doesn't have to be. Having connections to several lending companies in Bakersfield has helped me understand a few things that make the process of applying for a loan effortless.

1 – Organize a list of questions about your loan program

If you find that you do not thoroughly understand the pros and cons of the various loan programs, be sure you have a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it's hard to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, it means that the mortgage lender holds to the interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Those who opt to float believe 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 – Decide 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'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're not sure if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.

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