
	Getting your loan locked down is just one aspect of getting into a new home. Neely, Barrow & Associates is seasoned at helping new and experienced in all areas of real estate. Contact us if your needs include a real estate pro ready for the business side of real estate.

Applying for a home loan in La Jolla

For most people, applying for the loan is one of the more demanding parts of purchasing a home. But it doesn't have to be. I have close professional relationships with various lending companies in La Jolla, and they've helped me realize a few things that can make the loan application process easy.

1 – Compile a list of questions about your loan program

Be sure you have a list of questions with you if you find that you do not entirely understand the advantages and disadvantages of the different loan programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in an interest rate, it denotes that your lender commits to the interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and at the time of closing. Buyers who decide to float think that the 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 decrease your rate

When you decide to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To determine if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documentation together. Click here to get a feel for typical questions you'll have to answer on a loan app.

Richard Neely Jr. | DRE# 01264175 | (ph) 619.750.1107 | (fax) 619.297.5368
Michael Barrow | DRE# 01419213 | (ph) 619.772.1574 | (fax) 619.255.1675
Grand Pacific Properties Group
P.O. Box 2266, La Jolla, California 92038