Applying for your loan in Rancho Palos Verdes with help from Excel Funding Real Estate Services, Inc.

For many people, applying for financing can be one of the more troublesome aspects of purchasing a home, but it doesn't have to be. I'm close to many lending companies in the Rancho Palos Verdes area, and they've helped me learn some things that will make the loan application process uncomplicated.

1 – Organize a list of questions regarding your loan program

Be sure to bring a list of questions with you if you don't totally comprehend the ins and outs of all the various loan programs. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, it designates that your lender commits to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who choose to float think the interest rates will dip 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 decrease your interest rate

Typically you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documents together. Click here to get a list of typical loan documentation.