Applying for a home loan in Oakland with help from Thomas-Chambers Company
BRE # 01208644

Many people think that applying for the mortgage loan is one of the most exasperating aspects of purchasing a house, but it doesn't have to be. I have a close relationship with various mortgage lenders in Oakland, and they've helped me understand some things that will make the loan application process very manageable.

1 – Assemble a list of questions regarding your loan program

Make sure you bring a list of questions if you find that you don't completely realize the advantages and disadvantages of all the various programs. It is a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

When you lock in the interest rate, your lender is sure to commit to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who prefer to float conclude interest rates will dip 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 lower your interest rate

If you opt 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 loan. Click here to use our points calculator. It will assist you in deciding if purchasing points is the best option for you.

4 – Gather your paperwork

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