Applying for your home loan in Bakersfield

When purchasing a home, applying for financing is a very stressful event for most people, but it doesn't have to be. I have a close relationship with various lending companies in the Bakersfield area, and they've helped me understand some things that will make the loan application process very manageable.

1 – Compile a list of questions regarding your loan program

Make sure to have a list of questions with you if you find that you don't thoroughly understand the pros and cons of the various programs. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, the lender is sure to hold to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who elect to float believe that interest rates will drop 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 lower your rate

Usually you can elect 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 closing. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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