Let Fenton Real Estate help you apply for a new home loan in Bakersfield.

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

1 – Create a list of questions regarding your loan program

If you do not completely realize the advantages and disadvantages of the various loan programs, be sure you bring a list of questions with you. Oftentimes, it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of both programs.

2 – Decide when to lock

By locking in the interest rate, your mortgage lender is committing to the mortgage 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 your loan and the issuing of closing documents. Buyers who opt to float conclude interest rates will decline 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 decrease your interest rate

Oftentimes you can decide 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 closing. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is right for you.

4 – Bring your paperwork

Getting 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 typical loan documentation.