Do you want to finance your home? Fenton Real Estate can help.

For most people, applying for the loan is one of the more distressing parts of buying a home, but it doesn't have to be. I'm close with some lending companies in the Bakersfield area, and they've helped me recognize some things that can make the loan application process a breeze.

1 – Make a list of questions about your loan program

If you find that you don't fully comprehend the advantages and disadvantages of the different programs, be sure to bring a list of questions. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, the lender is guaranteeing the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who prefer to float presume 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 reduce your interest rate

Oftentimes you can elect to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at 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

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