Thinking about financing your new home in Del Mar?

Applying for financing can be one of the most distressing aspects of purchasing a house for a buyer, but it doesn't have to be. I'm well-connected to various lending companies in the Del Mar area, and they've helped me learn a few things that will make the loan application process uncomplicated.

1 – Compose a list of questions about your loan program

Make sure to have a list of questions if you do not completely realize the ins and outs of the different programs. It is often a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each.

2 – Decide when to lock

When you lock in the interest rate, it indicates that a mortgage lender holds to the mortgage interest rates for the loan – ordinarily at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who elect to float believe that interest rates will dip 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 decrease your interest rate

Usually you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if buying points is the best option for you.

4 – Bring your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of typical loan documentation.

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