Getting your loan locked down is just one part of getting into a new home. HomeSmart is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Contact me if your needs include a professional REALTOR® experienced at the business side of buying and selling.

Looking to finance a new home in Metropolitan Phoenix?

Securing the mortgage loan can be one of the more demanding parts of buying a home. But it doesn't have to be. Being close with some lenders in the Glendale area has helped me learn a lot of the things that will make the loan application process a snap.

1 – Make a list of questions regarding your loan program

Be sure to have a list of questions if you find that you don't perfectly grasp the ins and outs of the different loan programs. One of my lender contacts or I can help you understand the advantages and disadvantages of both programs, because it is a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in a rate signifies that your mortgage lender holds to the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Buyers who opt to float think the interest rates will decline 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 rate

Oftentimes you can elect to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at closing. Click here to use my points calculator. This tool will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to see typical questions you'll have to answer on a loan app.