Applying for your new home loan with help from Ender & Associates Realty

When purchasing a home, applying for financing is demanding for many people, but it doesn't have to be. I have a close relationship with some lending companies in the Mineral Wells area, and they've helped me recognize some things that can make the process of applying for a loan very easy.

1 – Create a list of questions regarding your loan program

If you do not fully comprehend the advantages and disadvantages of the various loan programs, make sure you have a list of questions. I or one of my trusted lenders can assist you with understanding the advantages and disadvantages of each program, because it can be hard to know the characteristics of fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in a rate, it means that your lender holds to the mortgage interest rates for the loan – usually at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who prefer to float presume that the interest rates will plunge 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 reduce your interest rate

When you elect to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. If you're uncertain if purchasing points is right for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of typical loan documentation.

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