Let Shapar Homes assist you in financing your new home.

When buying a home, applying for the mortgage loan is troublesome for many people, but it doesn't have to be. I have a close business relationship with several lending companies in San Diego, and they've helped me understand a few things that make the process of applying for a loan a snap.

1 – Organize a list of questions regarding your loan program

If you find that you don't fully understand the advantages and disadvantages of all the various programs, be sure you have a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it's hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in the interest rate means that the lender holds to the interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Those who decide to float presume that the interest rates will decline 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 interest rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the loan. If you're undecided on whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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