Applying for your home loan in Tehachapi with the help of BVS Properties

Applying for mortgage financing is one of the most demanding elements of buying a home, but it doesn't have to be. I'm pretty familiar with some lending companies in Tehachapi, and they've helped me learn some things that can make the process of applying for a loan easy.

1 – Assemble a list of questions about your loan program

If you find that you do not entirely realize the advantages and disadvantages of all the different programs, be sure to have a list of questions with you. At times, it can be hard to understand the differences between both fixed and adjustable rate mortgages. I or one of my lenders will help you understand the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in an interest rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and closing. Those who opt to float conclude 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 reduce your rate

Typically you can opt to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will assist you in determining if purchasing points is right for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of normal loan documentation.

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