Getting your mortgage is just one part of a home purchase. Ocean West Properties is seasoned at assisting new and experienced in all areas of real estate. Call me today at (805) 540-8485 if your needs include a real estate pro ready for the business side of buying and selling.
Feeling lots of anxiety over getting financing for a home purchase? You don't have to be.
I have close working relationships with many mortgage lenders in the Pismo Beach area, and they've helped me understand some things that will make the process of applying for a loan a snap.
1 – Assemble a list of questions regarding your loan program
If you find that you do not fully comprehend the advantages and disadvantages of the various financing options, be sure you bring a list of questions with you.
One of my lender contacts or I will be able to help you understand the advantages and disadvantages of each program, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in a rate means that your lender guarantees the mortgage interest rates for the loan – commonly at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Buyers who prefer to float think interest rates will fall 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
Usually you can decide to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use my points calculator. It will assist you with determining if buying points is right for you.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to see general questions you'll have to answer on a loan app.