BVS Properties can help you finance your new home.

When buying a home, applying for financing is exasperating for most people, but it doesn't have to be. Being familiar with some mortgage lenders in the Tehachapi area has helped me recognize some things that make the loan application process easy.

1 – Put together a list of questions regarding your loan program

If you find that you don't entirely understand the pros and cons of the various programs, be sure to bring a list of questions. At times, it can be hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both.

2 – Determine when to lock

Locking in the interest rate designates that your lender holds to the interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who prefer to float think 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 lower your rate

Oftentimes you can opt to pay additional points to lower the rate of your loan. Each 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 – Gather your paperwork

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

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