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Applying for a Loan

Do you want to finance your new home?

Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. I have close professional relationships with some reputable lending companies in the Pacific Grove area, and they've helped me recognize some things that will make the process of applying for a loan a snap.
 

1 – Put together a list of questions about your loan program

If you find that you don't fully comprehend the advantages and disadvantages of all the different financing options, be sure to bring a list of questions. It's a challenge to understand the differences between both 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 one.

2 – Decide when you want to lock

Locking in the rate means that your mortgage lender holds to the 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 your loan and closing. Those who choose to float believe that interest rates will fall 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 decrease your rate

Oftentimes you can choose to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. 

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should spend some time getting all your documents together. 

Copyright © MLSListings Inc. 2017 All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the MLSListingsTM MLS system. Real estate listings held by brokerage firms other than Sotheby's International Realty are marked with the Internet Data Exchange icon (a stylized house inside a circle) and detailed information about them includes the names of the listing brokers and listing agents. Based on information from MLSListings MLS as of 2017-06-27 All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information last updated on 2017-06-27.

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Arleen Hardenstein

Phone: 831-915-8989
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Arleen Hardenstein | Sotheby's International Realty | Phone: 831-915-8989 | Email Me
Pacific Grove, CA 93950