Applying for your loan

When purchasing a home, applying for the mortgage loan is very exasperating for many people, but it doesn't have to be. I'm very close with many mortgage lenders in Bakersfield, and they've helped me realize a few things that will make the process of applying for a loan much easier.

1 – Compose a list of questions regarding your loan program

If you find that you do not thoroughly understand the advantages and disadvantages of the different programs, make sure to have a list of questions with you. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each one, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, the lender is guaranteed to commit to the interest rates for the loan – most often at the time the loan application is sent in. 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 think that the interest rates will fall 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

If you elect to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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