Securing financing is just one part of a home purchase. Prudential California Realty is experienced at helping new and experienced in all areas of real estate. Call us today at 626-440-5100 if your needs include a real estate pro ready for the business side of real estate.


Are you going to finance a new home?

When purchasing a home, applying for the mortgage loan is demanding for most people, but it doesn't have to be. Being familiar with various lenders in the Pasadena area has helped me learn a few things that can make the process of applying for a loan uncomplicated.

1 – Compose a list of questions about your loan program

Be sure to bring a list of questions if you find that you do not fully grasp the advantages and disadvantages of the different programs. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, it means that a lender commits to the interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who opt 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 lower your interest rate

If you opt to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. If you're not sure if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a feel for typical information that goes on a loan application.

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