Getting your loan locked down is just one part of a real estate transaction. Prudential California Realty is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a real estate pro experienced at the business side of real estate.


Applying for a new home loan with the help of Prudential California Realty

For most people, securing mortgage financing can be one of the most stressful elements of buying a home. But it doesn't have to be. I have close relationships with many lenders in the Hermosa Beach area, and they've helped me realize a few things that make the process of applying for a loan uncomplicated.

1 – Make a list of questions about your loan program

Make sure to have a list of questions if you find that you do not fully comprehend the advantages and disadvantages of all the various programs. I or one of my lenders can help you understand the advantages and disadvantages of each one, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, it means that the lender holds to the interest rates for the loan – commonly 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 issuance of closing documents. Buyers who prefer to float believe the interest rates will dip 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

When you choose to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if buying points is right for you.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a feel for general questions you'll have to answer on a loan app.

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