Are you financing your home in Stockton?

When buying a home, applying for the mortgage loan is very distressing for a lot of people, but it doesn't have to be. I'm very familiar with many mortgage lenders in the Stockton area, and they've helped me learn a few things that make the loan application process uncomplicated.

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

If you don't entirely realize the pros and cons of all the different loan programs, be sure to have a list of questions with you. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it is hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in an interest rate, the mortgage lender is holding to the mortgage interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who decide to float presume that the interest rates will decline 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 reduce your rate

When you elect to pay additional points to lower the rate of your mortgage loan, you'll pay for them in cash at closing. Every point is 1 percent of the loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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