Are you going to finance your new home? Thomas-Chambers Company
BRE # 01208644 can help.

Many buyers believe that applying for the loan is one of the most distressing elements of purchasing a home, but it doesn't have to be. I have a close relationship with various mortgage lenders in the Oakland area, and they've helped me learn a few things that can make the loan application process a breeze.

1 – Organize a list of questions about your loan program

If you do not completely realize the advantages and disadvantages of all the various loan programs, be sure you have a list of questions with you. I or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it can be hard to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in a rate, your lender is committing to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who opt to float presume interest rates will plunge 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 lower your rate

Typically you can decide to pay additional points to lower the rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. If you're not sure if purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.