Do you want to finance your new home in Pasadena? Castle and Home Realtors can help.
Securing financing is just one aspect of a home purchase. Castle and Home Realtors
is experienced at helping both new and experienced buyers alike in all areas of real
estate. Call us today at (626)353-
For a lot of people, applying for financing is one of the most distressing aspects of purchasing a house. But it doesn't have to be. I have close working relationships with many lending companies in Pasadena, and they've helped me realize some things that can make the process of applying for a loan a breeze.
1 – Make a list of questions about your loan program
If you find that you don't totally understand the ins and outs of the various loan programs, make sure you have a list of questions. It is often a challenge to understand the distinctions between fixed and adjustable rate mortgages. One of my trusted lenders or I will help you understand the advantages and disadvantages of each.
2 – Determine when to lock
When you lock in the interest rate, it denotes that the lender holds to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and at the time of closing. Those who prefer to float presume the interest rates will dip in the near future.
3 – Decide if you want to pay additional points to lower your interest rate
When you opt to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. It will help you determine if buying points is right for you.
4 – Gather your paperwork
Obtaining a loan requires lots of paperwork, so you should take some time to get all your documents together.
Loan Application Checklist:
In general, the documentation you will need includes:
Property Information (if you already have a contract on a house)
Income & Assets
If you have made any large deposits to your accounts:
If you own more than 25% of a business:
If you own rental property:
If you are retired:
If you receive Social Security:
If you are counting child support as income: