Applying for a new home loan in Round Rock

For a lot of people, applying for the mortgage loan is one of the most troublesome parts of purchasing a house, but it doesn't have to be. I have a close relationship with several mortgage lenders in the Round Rock area, and they've helped me realize a few things that will make the loan application process very manageable.

1 – Organize a list of questions about your loan program

Be sure to have a list of questions with you if you don't perfectly understand the ins and outs of the various loan programs. At times, it can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when to lock

By locking in an interest rate, a mortgage lender is committing to the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who decide to float think interest rates will drop 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 reduce your rate

When you opt to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will help you determine if purchasing points is the best option for you.

4 – Compile your paperwork

Acquiring a 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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