For a lot of people, applying for the loan can be one of the more demanding parts of purchasing a house. But it doesn't have to be.
I've got great connections to several lenders in the Escondido area, and they've helped me learn some things that can make the loan application process effortless.
If you do not totally comprehend the pros and cons of all the various loan programs, be sure to bring a list of questions.
One of my trusted lenders or I will be able to assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.
When you lock in the interest rate, it designates that your lender guarantees the interest rates for the loan – commonly 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. Buyers who decide to float think interest rates will dip in the near future. Click here to see the outlook for the next 90 days of interest rates.
When you choose to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan.
Click here to use my points calculator. This tool will help you decide if purchasing points is the best option for you.
Getting a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to see common information that goes on a loan application.
Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.
Larry Dean, BrokerCA DRE License #01047073