Do you wish to finance a home in Bakersfield?

Applying for a loan can be one of the most distressing elements of purchasing a house for a buyer, but it doesn't have to be. I have a close business relationship with various lenders in the Bakersfield area, and they've helped me learn a few things that make the process of applying for a loan very manageable.

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

Make sure to have a list of questions if you find that you don't entirely comprehend the advantages and disadvantages of the different loan programs. I or one of my lender contacts will be able to assist you in 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 to lock

When you lock in an interest rate, a lender is sure to keep to the mortgage interest rates for the loan – ordinarily 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. Those who decide to float believe that interest rates will fall 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 rate

Oftentimes you can decide 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. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.