Do you wish to finance your home in Bakersfield?

Applying for the mortgage loan is one of the most exasperating aspects of purchasing a house for a buyer, but it doesn't have to be. I'm familiar with a lot of lenders in Bakersfield, and they've helped me realize a few things that will make the loan application process very manageable.

1 – Make a list of questions about your loan program

If you do not thoroughly understand the pros and cons of the different loan programs, be sure to bring a list of questions with you. At times, it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

Locking in the interest rate indicates that the lender commits to the mortgage interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who decide to float conclude the interest rates will fall 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

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

4 – Compile your paperwork

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