Getting your mortgage is just one aspect of getting into a new home. Cal State Realty Services is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 949-888-6688 if your needs include a real estate pro ready for the business side of buying and selling.
Cal State Realty Services can help you apply for your home loan in Rancho Santa Margarita.
When purchasing a home, applying for the loan is exasperating for a lot of people, but it doesn't have to be.
I have excellent relationships with a lot of lending companies in Rancho Santa Margarita, and they've helped me understand some things that will make the process of applying for a loan a breeze.
1 – Organize a list of questions regarding your loan program
Be sure you bring a list of questions if you don't thoroughly comprehend the ins and outs of the various loan programs.
Oftentimes, it can be a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each.
2 – Determine when you want to lock
When you lock in a rate, it designates that a mortgage lender holds to the interest rates for the loan – generally 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. Those who choose to float believe that interest rates will drop 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 decrease your rate
If you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will assist you in determining if purchasing points is the best option for you.
4 – Bring your paperwork
Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a feel for general information that goes on a loan application.
