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

When purchasing a home, applying for financing is exasperating for most people, but it doesn't have to be. I have a close business relationship with many lenders in the Austin area, and they've helped me understand some things that can make the loan application process very manageable.

1 – Put together a list of questions regarding your loan program

Be sure you have a list of questions with you if you don't completely realize the ins and outs of the different loan programs. It is a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in a rate, a lender is sure to keep to the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Those who elect to float conclude 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 lower your interest rate

Generally you can decide to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Compile your paperwork

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

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