Applying for a home loan in Tehachapi

A lot of buyers think applying for the loan is one of the most demanding elements of purchasing a house, but it doesn't have to be. I have a close relationship with many lending companies in Tehachapi, and they've helped me recognize a few things that will make the loan application process a breeze.

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

Make sure you bring a list of questions if you find that you do not thoroughly comprehend the pros and cons of all the different programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs, because it's hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, it denotes that your mortgage lender guarantees the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between application and issuance of closing documents. Buyers who elect to float believe the interest rates will drop 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 interest rate

If you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you determine if buying points is right for you.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of normal loan documentation.