Getting your loan locked down is just one aspect of a real estate transaction. PHILIP ESTACIO is seasoned at helping both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of buying and selling.
Are you going to finance a new home?
Feeling lots of anxiety over applying for a mortgage? You don't have to be.
I have close professional relationships with several lenders in San Diego, and they've helped me understand some things that can make the process of applying for a loan easy.
1 – Assemble a list of questions about your loan program
Be sure to bring a list of questions with you if you don't thoroughly comprehend the pros and cons of the various programs.
It is often a challenge to understand the distinctions between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one.
2 – Decide when to lock
Locking in an interest rate designates that your lender holds to the interest rates for the loan – usually at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who opt to float conclude the interest rates will drop 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 interest rate
When you opt to pay additional points to lower the interest rate of your loan, you'll 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. This tool will help you determine if buying points is the best option for you.
4 – Gather your paperwork
Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a feel for common information that goes on a loan application.
PHILIP ESTACIO 9176 Mira Mesa Blvd. San Diego, CA 92126-4804
