Are you going to finance a home?

When buying a home, applying for the mortgage loan is a demanding event for a lot of people, but it doesn't have to be. I'm connected with a lot of lending companies in the Bakersfield area, and they've helped me recognize some things that can make the process of applying for a loan a snap.

1 – Put together a list of questions regarding your loan program

If you don't entirely understand the advantages and disadvantages of all the various loan programs, make sure to bring a list of questions with you. I or one of my lenders will assist you in understanding the advantages and disadvantages of each one, because it's hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, it means that your mortgage lender keeps to the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who elect to float presume the interest rates will fall 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 reduce your interest rate

If you opt to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. If you're uncertain if buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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