Let Fenton Real Estate assist you in applying for your home loan in Bakersfield.

Applying for the mortgage loan is one of the most stressful parts of buying a house for a buyer, but it doesn't have to be. I have a close business relationship with various lending companies in Bakersfield, and they've helped me learn a few things that can make the loan application process easy.

1 – Create a list of questions about your loan program

Make sure to have a list of questions if you do not perfectly comprehend the ins and outs of the different programs. It's a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in an interest rate, your mortgage lender is guaranteed to keep to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who elect to float believe interest rates will plunge 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

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

4 – Gather your paperwork

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