Stoneridge Realty & Property Management Services can assist you in applying for a loan.

When purchasing a home, applying for the loan is stressful for most people, but it doesn't have to be. I'm very well-connected with several lenders in the Vista area, and they've helped me understand a few things that will make the process of applying for a loan effortless.

1 – Organize a list of questions about your loan program

Make sure to have a list of questions if you don't completely comprehend the ins and outs of all the different programs. Oftentimes, it can be a challenge to know the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Determine when to lock

By locking in the rate, the mortgage lender is committing to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and closing. Buyers who decide to float presume that the interest rates will dip 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 rate

Typically you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the 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 buying points is right for you.

4 – Bring your paperwork

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