Our Preferred Mortgage Professionals:
Getting your mortgage is just one aspect of getting into a new home. Wish Sotheby's International Realty is seasoned at assisting new and experienced in all areas of real estate. Call me today at 818.516.0011 if your needs include a professional REALTOR® ready for the business side of buying and selling.
Applying for a new home loan
When buying a home, the loan application is very troublesome for a lot of people, but it doesn't have to be.
Having connections with some lenders in Beverly Hills has helped me recognize some things that will make the loan application process effortless.
1 – Assemble a list of questions regarding your loan program
Be sure you bring a list of questions with you if you find that you do not completely grasp the pros and cons of the various loan programs.
One of my trusted lenders or I can help you understand the advantages and disadvantages of both programs, because it is hard to know the characteristics of both fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in the rate, your lender is guaranteed to keep to the interest rates for the loan – generally at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who opt 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 – Decide if you want to pay additional points to reduce your interest rate
Oftentimes you can elect to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing.
If you're unsure if buying points is the best option for you, click here to use my points calculator.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to preview normal questions you'll have to answer on a loan app.
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