Thomas-Chambers Company
BRE # 01208644 can assist you with applying for a loan in Oakland.

Applying for the mortgage loan is one of the most demanding parts of purchasing a house, but it doesn't have to be. I have a close business relationship with some mortgage lenders in Oakland, and they've helped me recognize a few things that can make the process of applying for a loan a snap.

1 – Compose a list of questions regarding your loan program

If you find that you do not totally comprehend the advantages and disadvantages of all the different programs, be sure to have a list of questions with you. It is a challenge understanding the distinctions between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each.

2 – Decide when to lock

Locking in an interest rate means that a mortgage lender commits to the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day of your loan application and the issuing of closing documents. Buyers who prefer to float think that interest rates will decline 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 reduce your interest rate

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

4 – Gather your paperwork

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