Are you going to finance your home in Cedar Park? Expert Real Estate Resource can help.

Applying for financing can be one of the most exasperating elements of purchasing a house for a buyer, but it doesn't have to be. I have a close relationship with some lenders in the Cedar Park area, and they've helped me recognize a few things that can make the loan application process very manageable.

1 – Compose a list of questions regarding your loan program

Be sure to have a list of questions with you if you don't thoroughly realize the ins and outs of all the various loan programs. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each program, because it's a challenge to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, it designates that your lender holds to the interest rates for the loan – typically at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who elect to float think the 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

Usually you can elect to pay additional points to lower the rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you in deciding if purchasing points is the best option for you.

4 – Bring your paperwork

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

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