Do you want to finance your home in Vista? Stoneridge Realty & Property Management Services can help.

For many people, applying for a mortgage loan can be one of the more troublesome parts of purchasing a house, but it doesn't have to be. I have a close business relationship with many mortgage lenders in the Vista area, and they've helped me understand some things that make the loan application process easy.

1 – Create a list of questions regarding your loan program

Make sure to have a list of questions with you if you find that you do not fully comprehend the ins and outs of the different loan programs. It's a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each program.

2 – Determine when you want to lock

When you lock in the interest rate, the lender is guaranteed to hold to the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and issuance of closing documents. Those who choose to float think interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

When you choose to pay additional points to lower the rate of your loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with determining if purchasing points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.