Looking to finance a home in Castro Valley? Intero Real Estate Services can help.

Applying for the loan can be one of the most distressing parts of buying a house for a buyer, but it doesn't have to be. Being close to a lot of lending companies in the Castro Valley area has helped me realize a few things that can make the process of applying for a loan very easy.

1 – Put together a list of questions regarding your loan program

If you find that you do not totally comprehend the advantages and disadvantages of all the various loan programs, be sure to have a list of questions with you. It can be hard to know the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in a rate, it indicates that the mortgage lender commits to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between application and closing. Buyers who elect to float believe that the 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 lower your interest rate

Normally you can elect 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 the time of closing. If you're uncertain as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.

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