Let American Dream Corporation dba ADC Realty help you apply for a new home loan.
When buying a home, applying for the mortgage loan is a exasperating event for many people, but it doesn't have to be.
Being close to many lending companies in the San Diego area has helped me recognize a few things that make the process of applying for a loan very manageable.
1 – Compile a list of questions regarding your loan program
If you don't totally comprehend the ins and outs of all the different programs, make sure you have a list of questions with you.
I or one of my trusted lenders can help you understand the advantages and disadvantages of each program, because it can be hard to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
When you lock in an interest rate, the lender is sure to commit to the interest rates for the loan – often at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who decide to float presume that the interest rates will dip 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 reduce your interest rate
When you elect to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the loan.
If you're unsure if buying points is the best option for you, click here to use our points calculator.
4 – Compile your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of general loan documentation.