Applying for your loan in Bakersfield

Applying for a mortgage loan can be one of the most troublesome elements of purchasing a home for a buyer, but it doesn't have to be. I'm very well-connected with many lenders in Bakersfield, and they've helped me understand a few things that can make the process of applying for a loan pretty simple.

1 – Compose a list of questions regarding your loan program

If you find that you do not fully understand the ins and outs of all the various programs, make sure to bring a list of questions. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in indicates that your mortgage lender commits to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who prefer to float conclude the interest rates will dip 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 decrease your rate

Typically you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with determining if purchasing points is right for you.

4 – Compile your paperwork

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

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