Are you financing a home in San Diego?

Applying for a mortgage loan can be one of the most troublesome elements of purchasing a home for a buyer, but it doesn't have to be. I'm very close to some lending companies in the San Diego area, and they've helped me learn some things that will make the loan application process a breeze.

1 – Compile a list of questions about your loan program

Be sure to bring a list of questions with you if you find that you do not completely realize the ins and outs of the different programs. It is often hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each one.

2 – Determine when you want to lock

Locking in denotes that your mortgage lender holds to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Buyers who elect to float think 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

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of normal loan documentation.

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