Applying for a new home loan with help from Intero Real Estate Services

Applying for financing is one of the most demanding aspects of purchasing a house for a buyer, but it doesn't have to be. I have a close business relationship with several lending companies in Castro Valley, and they've helped me understand a few things that can make the process of applying for a loan a breeze.

1 – Compose a list of questions about your loan program

If you find that you don't entirely realize the advantages and disadvantages of the various programs, make sure you have a list of questions with you. It's hard to understand the distinctions between both 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 program.

2 – Decide when you want to lock

When you lock in an interest rate, the mortgage lender is guaranteed to keep to the interest rates for the loan – ordinarily at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who choose to float conclude the interest rates will decline 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 reduce your rate

When you choose to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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