Let The Williamson Group Realty, Inc. help you with financing a new home.

For many people, applying for a loan can be one of the more troublesome parts of buying a house, but it doesn't have to be. I have a close business relationship with a lot of mortgage lenders in the Arcadia area, and they've helped me learn a few things that will make the process of applying for a loan pretty simple.

1 – Make a list of questions regarding your loan program

If you find that you don't totally comprehend the ins and outs of all the various programs, make sure to have a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program, because it can be hard to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the interest rate, a mortgage lender is sure to hold to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and closing. Buyers who decide to float presume 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

Typically you can decide to pay additional points to lower the interest rate of your loan. Every 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 help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of general loan documentation.