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Pat Douglas Realtors can help you finance a home in Inglewood.

When buying a home, applying for the mortgage loan is a very distressing event for a lot of people, but it doesn't have to be. I'm very connected to various mortgage lenders in Inglewood, and they've helped me understand some things that make the loan application process very manageable.

1 – Assemble a list of questions regarding your loan program

If you do not thoroughly realize the pros and cons of the various loan programs, be sure to have a list of questions. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it's a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in a rate, a mortgage lender is keeping to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and closing. Buyers who elect to float think that 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 rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you'll do so by paying 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 purchasing points is right for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of typical loan documentation.

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