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Thinking about financing a new home in Rancho Palos Verdes?

For a lot of people, applying for the loan is one of the most troublesome parts of purchasing a home, but it doesn't have to be. I'm pretty close with a lot of lending companies in Rancho Palos Verdes, and they've helped me understand a few things that can make the loan application process easy.

1 – Create a list of questions about your loan program

If you don't totally comprehend the ins and outs of the different loan programs, make sure to bring a list of questions. At times, it can be hard to understand the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

When you lock in a rate, the mortgage lender is sure to hold to the mortgage interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Buyers who decide to float presume 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 decrease your interest rate

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

4 – Gather your paperwork

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


Excel Funding Real Estate Services, Inc.

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