Applying for your new home loan in Milpitas with help from Selective Realty Inc.

Applying for financing can be one of the most demanding aspects of buying a home for a buyer, but it doesn't have to be. I'm connected to a lot of lending companies in the Milpitas area, and they've helped me recognize some things that make the loan application process a snap.

1 – Compile a list of questions about your loan program

If you find that you do not totally understand the advantages and disadvantages of all the different programs, be sure to bring a list of questions. Oftentimes, it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in an interest rate, it designates that the lender commits to the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and issuance of closing documents. Buyers who elect to float conclude interest rates will fall 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 rate

When you opt 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. Every point is 1 percent of the loan. Click here to use our points calculator. This tool will help you determine if buying points is the best option for you.

4 – Bring 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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