Excel Funding Real Estate Services, Inc. can assist you in financing your home in Rancho Palos Verdes.

Applying for the loan can be one of the most demanding elements of buying a home for a buyer, but it doesn't have to be. I'm pretty close with various mortgage lenders in the Rancho Palos Verdes area, and they've helped me understand some things that can make the process of applying for a loan much easier.

1 – Make a list of questions regarding your loan program

If you don't fully understand the advantages and disadvantages of all the various programs, be sure you have a list of questions. It can be a challenge understanding the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each program.

2 – Decide when to lock

When you lock in an interest rate, your lender is sure to keep to the mortgage interest rates for the loan – generally at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and closing. Buyers who prefer to float conclude that the interest rates will drop 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

Normally you can elect to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

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