Applying for a new home loan with the help of Shapar Homes

When buying a home, applying for a mortgage loan is demanding for a lot of people, but it doesn't have to be. I have a close relationship with various lending companies in San Diego, and they've helped me learn some things that can make the loan application process effortless.

1 – Compile a list of questions regarding your loan program

If you don't entirely comprehend the ins and outs of all the various loan programs, be sure to bring a list of questions. At times, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in an interest rate, a lender is holding to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who decide to float conclude the 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 reduce your rate

Normally you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a 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 normal loan documentation.