Shapar Homes can help you finance a home in San Diego.

Applying for a loan is one of the most exasperating elements of purchasing a home, but it doesn't have to be. Having connections to a lot of lending companies in the San Diego area has helped me recognize some things that make the process of applying for a loan very manageable.

1 – Create a list of questions about your loan program

If you do not perfectly realize the advantages and disadvantages of all the various loan programs, make sure you bring a list of questions with you. It can be a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

Locking in the rate means that a lender holds to the interest rates for the loan – most often 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 your loan and at the time of closing. Buyers who decide to float conclude interest rates will drop 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 rate

If you decide to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of typical loan documentation.