Are you thinking about financing a home in Covina?

When purchasing a home, applying for a loan is demanding for most people, but it doesn't have to be. I have a close relationship with many mortgage lenders in the Covina area, and they've helped me recognize some things that will make the process of applying for a loan very easy.

1 – Create a list of questions regarding your loan program

If you find that you don't fully comprehend the ins and outs of all the various programs, make sure to bring a list of questions. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs, because it is a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate means that a lender guarantees the interest rates for the loan – 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 the loan and at the time of closing. Those who prefer to float believe interest rates will decline 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 lower your interest rate

When you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. If you're not sure if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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

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