Securing financing is just one aspect of getting into a new home. Legacy Realty and Funding is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call me today at 714-321-9800 if your needs include a real estate pro ready for the business side of buying and selling.

Applying for a home loan

Applying for mortgage financing is one of the more exasperating aspects of buying a house. But it doesn't have to be. I have excellent relationships with many mortgage lenders in Tustin, and they've helped me understand some things that can make the process of applying for a loan uncomplicated.

1 – Compose a list of questions regarding your loan program

If you do not thoroughly comprehend the pros and cons of the various programs, be sure to have a list of questions. One of my lender contacts or I will be able to assist you with understanding the advantages and disadvantages of both programs, because it is hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when to lock

Locking in means that a lender holds to the interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who prefer to float believe the interest rates will decline 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 reduce your rate

Generally you can decide to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use my points calculator. It will assist you with deciding if buying points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to preview general information that goes on a loan application.