Securing financing is just one aspect of a home purchase. Sandra Desmith Hablo Español DRE License #01494304. Office Coldwell Banker Associated Brokers is seasoned at aiding new and experienced in all areas of real estate. Call us today at (530) 559-6950 if your needs include a professional REALTOR® experienced at the business side of buying and selling.
Applying for your loan in Yuba City
When buying a home, applying for the loan is distressing for many people, but it doesn't have to be.
I have close business relationships with some reputable mortgage lenders in the Yuba City area, and they've helped me realize some things that make the loan application process very manageable.
1 – Compose a list of questions about your loan program
Be sure to bring a list of questions with you if you find that you do not fully understand the ins and outs of all the different programs.
I or one of my lender contacts will be able to assist you with understanding the advantages and disadvantages of each one, because it's a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when to lock
When you lock in an interest rate, it indicates that a lender keeps to the mortgage interest rates for the loan – commonly at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and the issuing of closing documents. Buyers who prefer to float think interest rates will fall 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 rate
Generally you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will assist you in determining if purchasing points is right for you.
4 – Compile your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for normal questions you'll have to answer on a loan app.
Sandra Desmith Hablo Español DRE License #01494304. Office Coldwell Banker Associated Brokers
