Let Excel Funding Real Estate Services, Inc. help you with financing a home in Rancho Palos Verdes.

Applying for the loan is one of the most demanding parts of purchasing a house, but it doesn't have to be. Having connections to some mortgage lenders in Rancho Palos Verdes has helped me realize some things that will make the process of applying for a loan very manageable.

1 – Make a list of questions regarding your loan program

If you do not completely comprehend the pros and cons of all the different programs, be sure you have a list of questions. It's a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the interest rate, it means that a mortgage lender holds to the mortgage interest rates for the loan – generally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who elect to float conclude the interest rates will plunge 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 lower your interest rate

Usually you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at the time of closing. If you're uncertain if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a list of general loan documentation.


Excel Funding Real Estate Services, Inc.

28924 South Western Avenue, Suite 110
Rancho Palos Verdes, CA 90275