Applying for a new home loan with help from John Horton Realty

Applying for mortgage financing can be one of the most exasperating parts of buying a home, but it doesn't have to be. I have a close business relationship with various lenders in Austin, and they've helped me realize a few things that can make the process of applying for a loan very easy.

1 – Create a list of questions regarding your loan program

Be sure to bring a list of questions if you find that you do not thoroughly comprehend the advantages and disadvantages of the different loan programs. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

When you lock in a rate, the lender is guaranteed to hold to the interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Those who decide to float think 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 decrease your interest rate

Normally you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. To decide if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.

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