Thinking about financing your new home in Oakland?

For most people, applying for the loan is one of the most demanding elements of buying a house, but it doesn't have to be. I have a close business relationship with several lenders in the Oakland area, and they've helped me understand some things that make the process of applying for a loan effortless.

1 – Organize a list of questions about your loan program

Make sure to bring a list of questions with you if you don't completely comprehend the pros and cons of all the different loan programs. At times, it can be hard to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each program.

2 – Determine when you want to lock

By locking in a rate, your mortgage lender is keeping 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 the loan application day and at the time of closing. Buyers who decide to float think that the interest rates will plunge 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 rate

When you decide to pay additional points to lower the interest rate of your loan, you will do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if purchasing points is the best option for you.

4 – Bring your paperwork

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