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Are you looking to finance a new home?

Applying for mortgage financing can be one of the most troublesome aspects of purchasing a house for a buyer, but it doesn't have to be. I'm pretty familiar with various mortgage lenders in the Bakersfield area, and they've helped me realize a few things that will make the process of applying for a loan very manageable.

1 – Organize a list of questions about your loan program

If you find that you don't totally realize the pros and cons of the different loan programs, be sure to bring a list of questions with you. Oftentimes, it can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each one.

2 – Determine when to lock

By locking in a rate, the mortgage lender is keeping to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who elect to float think that the 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 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 closing. Every point is 1 percent of the loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.

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