Are you thinking about financing a home? John Horton Realty can help.

For most people, applying for the mortgage loan is one of the most demanding elements of purchasing a home, but it doesn't have to be. I have a close business relationship with a lot of lending companies in the Austin area, and they've helped me recognize some things that make the process of applying for a loan a breeze.

1 – Organize a list of questions about your loan program

If you do not perfectly realize the ins and outs of all the different loan programs, be sure to bring a list of questions. It is hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you with understanding the advantages and disadvantages of both programs.

2 – Determine when you want to lock

By locking in a rate, the mortgage lender is keeping to the interest rates for the loan – ordinarily at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Those who decide to float presume interest rates will decline 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 interest rate

If you elect to pay additional points to lower the interest rate of your loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if purchasing 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 documents together. Click here to get a list of normal loan documentation.

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