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

Most buyers believe applying for the loan is one of the more distressing parts of purchasing a home, but it doesn't have to be. I have a close relationship with various mortgage lenders in the Arcadia area, and they've helped me understand some things that will make the process of applying for a loan easy.

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

If you find that you don't completely comprehend the pros and cons of all the different loan programs, be sure to bring a list of questions. I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the interest rate, it signifies that your mortgage lender holds 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 at any time between the day of your loan application and at the time of closing. Those who opt to float conclude that 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 reduce your interest rate

If you elect to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. To decide if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

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