Are you financing your home? Ender & Associates Realty can help.

For a lot of people, applying for financing can be one of the more stressful aspects of purchasing a house, but it doesn't have to be. I'm pretty connected to some mortgage lenders in the Mineral Wells area, and they've helped me learn some things that can make the loan application process pretty simple.

1 – Compile a list of questions regarding your loan program

If you do not perfectly understand the advantages and disadvantages of the various loan programs, be sure to bring a list of questions with you. Oftentimes, it can be hard to understand the differences between fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in the interest rate, the mortgage lender is sure to hold to the interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Buyers who elect to float believe interest rates will fall 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

Oftentimes you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. To decide if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

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

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