Are you looking to finance your new home in Mineral Wells?
Applying for the loan is one of the most distressing elements of purchasing a house, but it doesn't have to be.
I'm well-connected to several lenders in Mineral Wells, and they've helped me recognize some things that make the loan application process very manageable.
1 – Assemble a list of questions regarding your loan program
Be sure to bring a list of questions if you do not entirely understand the pros and cons of all the various loan programs.
I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both programs, because it is a challenge to know the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
Locking in the interest rate means that a mortgage lender guarantees the interest rates for the loan – typically at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who elect to float presume the interest rates will dip 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 lower your interest rate
Usually you can decide to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing.
Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.
4 – Compile your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get your documentation together. Click here for a list of general loan documentation.