Let Fenton Real Estate help you with financing your new home.

When purchasing a home, applying for a loan is very troublesome for many people, but it doesn't have to be. I have a close relationship with various lenders in the Bakersfield area, and they've helped me understand some things that make the process of applying for a loan a snap.

1 – Organize a list of questions about your loan program

Be sure you bring a list of questions if you don't totally understand the pros and cons of the different programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in a rate means that your mortgage lender guarantees the mortgage interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Those who opt 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 reduce your rate

Generally 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 the time of closing. If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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