John Horton Realty can assist you in financing your home in Austin.

Most buyers think applying for mortgage financing is one of the more stressful elements of buying a home, but it doesn't have to be. I'm pretty close with many lending companies in the Austin area, and they've helped me learn some things that will make the loan application process very easy.

1 – Compose a list of questions about your loan program

Make sure to bring a list of questions with you if you do not perfectly comprehend the advantages and disadvantages of the various loan programs. It's a challenge understanding the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both.

2 – Determine when you want to lock

When you lock in an interest rate, it designates that a lender keeps to the interest rates for the loan – most often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the loan application day and closing. Buyers who opt to float conclude that the interest rates will plunge 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

If you opt to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Every point is 1 percent of the loan. If you're not sure if purchasing points is right for you, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of common loan documentation.

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