Do you wish to finance your new home in San Diego?

For a lot of people, applying for mortgage financing is one of the most troublesome aspects of purchasing a home, but it doesn't have to be. I'm very connected with several lending companies in the San Diego area, and they've helped me recognize some things that make the process of applying for a loan uncomplicated.

1 – Compile a list of questions about your loan program

Make sure you bring a list of questions with you if you do not fully realize the pros and cons of all the different loan programs. It's a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program.

2 – Decide when you want to lock

When you lock in an interest rate, it denotes that the mortgage lender guarantees the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who opt to float conclude interest rates will fall 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 lower your interest rate

Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if purchasing points is the best option for you.

4 – Compile 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 general loan documentation.