Are you going to finance your new home?

Most buyers think that applying for the loan is one of the more demanding parts of purchasing a house, but it doesn't have to be. I have a close relationship with many lenders in the Round Rock area, and they've helped me understand a few things that can make the process of applying for a loan a snap.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions with you if you do not fully understand the ins and outs of the various programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, your lender is guaranteeing the interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and at the time of closing. Buyers who prefer to float presume that interest rates will drop 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 decrease your rate

If you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Getting a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of general loan documentation.

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