For most people, securing the loan is one of the most demanding aspects of buying a house. But it doesn't have to be. I have close professional relationships with several lenders in San Diego, and they've helped me understand a few things that make the process of applying for a loan easy.
If you find that you do not fully realize the pros and cons of all the various financing options, make sure to bring a list of questions with you. One of my lenders or I can assist you in understanding the advantages and disadvantages of each program, because it can be hard to understand the distinctions between both fixed and adjustable rate mortgages.
When you lock in the rate, it indicates that a lender commits to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who choose to float conclude that interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.
Acquiring a loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a feel for normal information that goes on a loan application.
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