Applying for your loan in Bakersfield with the help of Fenton Real Estate

For many people, applying for the loan can be one of the more demanding parts of purchasing a home, but it doesn't have to be. I have a close relationship with some lenders in the Bakersfield area, and they've helped me realize some things that can make the process of applying for a loan much easier.

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

If you do not fully realize the pros and cons of the different programs, be sure you have a list of questions with you. At times, it can be hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in the interest rate, a mortgage lender is keeping to the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who decide to float conclude that the interest rates will dip 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 rate

When you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in determining if purchasing points is the best option for you.

4 – Gather your paperwork

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