Thinking about financing a new home?

When purchasing a home, applying for financing is a demanding event for a lot of people, but it doesn't have to be. I have a close relationship with many mortgage lenders in Milpitas, and they've helped me understand some things that will make the loan application process a breeze.

1 – Compile a list of questions about your loan program

Make sure to bring a list of questions with you if you do not perfectly realize the pros and cons of all the various loan programs. It is hard to understand the distinctions 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 both programs.

2 – Determine when to lock

By locking in the rate, the lender is guaranteeing the interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and closing. Buyers who prefer to float presume the 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 reduce your rate

If you choose to pay additional points to lower the rate of your mortgage loan, you'll 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 the best option for you.

4 – Gather your paperwork

Acquiring a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.

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