
	Getting your mortgage is just one part of a real estate transaction. University Realty is seasoned at helping new and experienced in all areas of real estate. Call us today at 909-796-0156 if your needs include a professional REALTOR^® experienced at the business side of real estate.

Looking to finance a new home?

Feeling lots of anxiety over getting financing for a home purchase? You don't have to be. I have close relationships with some reputable lenders in the Loma Linda area, and they've helped me understand a few things that make the loan application process a breeze.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions with you if you find that you don't fully grasp the advantages and disadvantages of all the various loan programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one, because it is hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the rate indicates that the lender holds to the interest rates for the loan – commonly at the time the loan application is received. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Buyers who decide to float conclude the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to decrease your interest rate

If you elect to pay additional points to lower the rate of your loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you in determining if buying points is the best option for you.

4 – Compile your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a feel for normal questions you'll have to answer on a loan app.