Let Ender & Associates Realty help you with financing your new home in Mineral Wells.

Many people believe that applying for mortgage financing is one of the most exasperating parts of purchasing a house, but it doesn't have to be. I'm connected with many mortgage lenders in Mineral Wells, and they've helped me learn a few things that can make the process of applying for a loan a snap.

1 – Create a list of questions regarding your loan program

If you do not fully realize the ins and outs of the various loan programs, be sure you bring a list of questions with you. It is hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my trusted lenders will help you understand the advantages and disadvantages of each program.

2 – Determine when to lock

When you lock in the interest rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – typically at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who decide 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 rate

If you elect to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. If you're uncertain as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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