Looking to finance your new home?

Applying for the mortgage loan can be one of the most distressing parts of purchasing a home for a buyer, but it doesn't have to be. Having connections with several lenders in Austin has helped me realize some things that can make the process of applying for a loan pretty simple.

1 – Compose a list of questions regarding your loan program

Make sure to have a list of questions if you do not totally comprehend the pros and cons of the various programs. At times, it can be a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in the interest rate, it denotes that your mortgage lender commits to the mortgage interest rates for the loan – often 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 the issuing of closing documents. Those who elect to float think that 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 decrease your interest rate

When you elect to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at the time of closing. Every point is 1 percent of the mortgage loan. To decide if buying points is right for you, click here to use our points calculator.

4 – Bring your paperwork

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

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