Getting your loan locked down is just one aspect of getting into a new home. Scott Sakata and loan officers that he works with are seasoned at helping both new and experienced buyers alike in all areas of real estate. Call today at 808-228-4916 if your needs include a professional REALTOR® ready for the business side of real estate.

Applying for a loan.

When purchasing a home, applying for financing is very exasperating for most people, but it doesn't have to be. I've got great connections to many lenders in the Honolulu area, and they've helped me understand some things that will make the loan application process very easy.

1 – Create a list of questions regarding your loan program

Be sure you have a list of questions if you don't entirely comprehend the pros and cons of all the different loan programs. One of my lender contacts can assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate denotes that the lender guarantees the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who choose to float presume that interest rates will fall 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 reduce your interest rate

Oftentimes you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together required by the lender and loan officer.