Are you thinking about financing your home in San Diego? American Dream Corporation dba ADC Realty can help.
Applying for the mortgage loan is one of the most troublesome parts of purchasing a home for a buyer, but it doesn't have to be.
Having connections to some lending companies in the San Diego area has helped me realize a few things that make the process of applying for a loan much easier.
1 – Create a list of questions about your loan program
Be sure you bring a list of questions with you if you find that you do not totally realize the ins and outs of all the various programs.
It can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each.
2 – Determine when you want to lock
Locking in the rate designates that a mortgage lender keeps to the mortgage interest rates for the loan – usually at the time the loan application is submitted.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who decide to float presume that 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
If you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
If you're not sure if buying points is right 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 all your documents together. Click here for a list of normal loan documentation.