Are you financing your home in Del Mar? Torrey Pacific Properties can help.

Applying for financing is one of the most stressful elements of buying a house for a buyer, but it doesn't have to be. Having connections with several lenders in the Del Mar area has helped me learn a few things that can make the process of applying for a loan effortless.

1 – Compile a list of questions about your loan program

Make sure to bring a list of questions with you if you find that you do not entirely realize the pros and cons of the various loan programs. At times, it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

When you lock in the rate, it indicates that the mortgage lender commits to the mortgage interest rates for the loan – often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who prefer to float think the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to decrease your rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the loan. If you're uncertain if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.