Applying for a loan in Escondido
Feeling lots of anxiety over applying for a mortgage? You don't have to be. Being close with several lenders in Escondido has helped me recognize a few things that make the loan application process much easier.
1 – Assemble a list of questions regarding your loan program
If you find that you do not fully realize the ins and outs of the various financing options, be sure you bring a list of questions with you. At times, it can be a challenge to know the distinctions between fixed and adjustable rate mortgages. One of my lenders or I will be able to assist you with understanding the advantages and disadvantages of both.
2 – Decide when you want to lock
When you lock in a rate, a lender is guaranteed to keep to the interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Buyers who choose to float believe the interest rates will plunge 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
If you decide to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're not sure if buying points is right for you, click here to use my points calculator.
4 – Compile your paperwork
Acquiring a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to preview common questions you'll have to answer on a loan app.