Loan Application Checklist

For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.

  1. Make a list of any questions you have about the loan program.
    Be sure you understand the advantages and disadvantages of the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.

  2. Decide if you want to lock-in or float the loan's interest rate.
    Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.

  3. Decide if you want to pay additional points to lower your interest rate.
    Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.

  4. Gather your paperwork.
    Click here to view a list of typical loan documentation.

Copyright © 2008 Los Prados Realty All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. All materials posted on this site are subject to copyrights owned by Los Prados Realty and other individuals and entities. Any reproduction, retransmission or republication of all or part of any document found on this site is expressly prohibited, unless Los Prados Realty or the copyright owner of the material has granted its prior written consent to so reproduce, retransmit or republish the material. All other rights reserved. The names, trademarks, service marks and logos of Los Prados Realty appearing on this site may not be used in any advertising or publicity, or otherwise to indicate Los Prados Realty sponsorship of or affiliation with any product or service, without Los Prados Realty prior express written permission.


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