Are you looking to finance your home in San Diego?

When purchasing a home, applying for the mortgage loan is very stressful for most people, but it doesn't have to be. Being close with many lenders in San Diego has helped me realize a few things that can make the loan application process a snap.

1 – Compose a list of questions regarding your loan program

If you find that you do not totally understand the advantages and disadvantages of the different programs, make sure to have a list of questions with you. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of each program, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, the lender is guaranteed to commit to the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and closing. Buyers who prefer to float think the interest rates will drop 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 decrease your rate

When you decide to pay additional points to lower the rate of your loan, you'll pay 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. This tool will assist you with deciding if purchasing points is the best option for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of typical loan documentation.