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.

Learn more about our “Smart Buyer Program” and “Smart Seller Program”.  
These programs are designed to save you thousands of dollars on your next
purchase or sale while providing you the best service in the industry. 
Call  (805) 899-1100  or e-mail  TeamGT@GTprop.com with any questions.

CA DRE #01477382


Goodwin & Thyne Properties 2000 State Street Santa Barbara, CA 93105
Phone: Fax:

About Us | SB Custom Search | Property Search | Company Listings | Santa Barbara Office Listings | Ventura Office Listings | Ventura Custom Search | Smart Buyer Program | Contact | Smart Seller Program | In House Law Firm | Home | Daily Rate Lock Advisory | Agents

Copyright © 2010 Goodwin & Thyne Properties
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.