Applying for a new home loan with the help of Thomas-Chambers Company
BRE # 01208644
Applying for the mortgage loan is one of the most demanding elements of purchasing a house, but it doesn't have to be.
Being close to many lenders in the Oakland area has helped me understand a few things that will make the process of applying for a loan very manageable.
1 – Assemble a list of questions about your loan program
If you find that you do not thoroughly understand the advantages and disadvantages of all the various loan programs, be sure you have a list of questions.
It's a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of each program.
2 – Decide when you want to lock
Locking in the rate denotes that your lender keeps to the interest rates for the loan – usually at the time the loan application is received.
By floating the rate, you can lock the rate at any time between application and at the time of closing. Buyers who opt to float believe 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 reduce your interest rate
Normally you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here to get a list of general loan documentation.