Looking to finance a home? Goodwin & Thyne Properties can help.

When buying a home, applying for a loan is a very troublesome event for most people, but it doesn't have to be. Being connected with many lenders in Santa Barbara has helped me learn a few things that can make the process of applying for a loan much easier.

1 – Compile a list of questions regarding your loan program

Be sure you bring a list of questions if you find that you don't totally realize the pros and cons of the various programs. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs, because it can be hard to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in the rate, the mortgage lender is sure to hold to the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and closing. Those who elect to float conclude 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 decide to pay additional points to lower the 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 loan. Click here to use our points calculator. It will assist you in determining if buying points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of common loan documentation.