Applying for your new home loan in Bakersfield

When buying a home, applying for a mortgage loan is very stressful for many people, but it doesn't have to be. I'm close to some lending companies in the Bakersfield area, and they've helped me understand some things that can make the loan application process a breeze.

1 – Make a list of questions about your loan program

If you don't completely realize the ins and outs of all the different programs, be sure to bring a list of questions. It can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

By locking in a rate, the mortgage lender is guaranteeing the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who prefer to float believe interest rates will drop 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 lower your rate

When you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To determine if you should buy points, click here to use our points calculator.

4 – Compile your paperwork

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