Are you thinking of financing a new home in Arcadia? The Williamson Group Realty, Inc. can help.

A lot of people believe that applying for the loan is one of the most stressful aspects of buying a home, but it doesn't have to be. I'm very familiar with many lenders in the Arcadia area, and they've helped me recognize a few things that will make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

If you find that you don't perfectly understand the pros and cons of all the different loan programs, make sure to have a list of questions. It can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in an interest rate, a lender is sure to commit to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who elect to float conclude interest rates will decline 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 decide to pay additional points to lower the interest rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if you should purchase points, click here to use our points calculator.

4 – Bring your paperwork

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