Getting your mortgage is one of the most important parts of a real estate transaction. Hanson Real Estate, Inc is here to help you! Call us today at 760.745.3366
Applying for a new home loan
When buying a home, applying for financing can be very stressful for a lot of people, but it doesn't have to be. Hanson Real Estate works with many lenders in the San Diego area. Listed below are a few suggestions that will help you understand the process of applying for a loan.
1 – Create a list of questions about your loan program
Be sure you bring a list of questions for your loan officer, so he can explain the advantages and disadvantages of the various Mortgage programs. Your loan officer can help you to understand the differences between fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in the interest rate, it indicates that the lender commits to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Buyers who elect to float conclude that interest rates will dip 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 interest rate
You will have the option to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in deciding if buying points is the best option for you.
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 see general information that goes on a loan application.
Hanson Real Estate, Inc 651 N. Escondido Blvd Escondido, CA 92025