Do you want to finance your new home in Long Beach?

Applying for mortgage financing can be one of the most exasperating elements of buying a house, but it doesn't have to be. I'm pretty close to some mortgage lenders in Long Beach, and they've helped me realize a few things that will make the process of applying for a loan easy.

1 – Create a list of questions regarding your loan program

Be sure to bring a list of questions if you find that you do not completely understand the advantages and disadvantages of the various programs. At times, it can be a challenge to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to help you understand the advantages and disadvantages of each program.

2 – Decide when you want to lock

By locking in an interest rate, your lender is guaranteeing 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 of your loan application and the issuing of closing documents. Buyers who decide to float believe that 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 lower 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 mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.

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