Are you financing your new home in Bakersfield?

Applying for a loan can be one of the most stressful parts of purchasing a house for a buyer, but it doesn't have to be. I'm very close with a lot of lenders in the Bakersfield area, and they've helped me realize some things that make the process of applying for a loan very easy.

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

If you don't totally realize the advantages and disadvantages of all the different loan programs, make sure you bring a list of questions with you. It is hard to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in an interest rate, it signifies that the mortgage lender holds to the mortgage interest rates for the loan – generally 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 choose to float conclude the interest rates will plunge 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 interest rate

Usually you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.