Ender & Associates Realty can assist you in applying for a home loan.

When buying a home, applying for a loan is a demanding event for most people, but it doesn't have to be. Being connected with some lenders in the Mineral Wells area has helped me understand some things that can make the loan application process a snap.

1 – Make a list of questions regarding your loan program

Make sure to have a list of questions if you don't thoroughly understand the pros and cons of all the different programs. Oftentimes, it can be hard to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you with understanding the advantages and disadvantages of both programs.

2 – Decide when you want to lock

By locking in a rate, the lender is holding to the mortgage interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate at any time between the day of your loan application and at the time of closing. Buyers who opt to float presume 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 reduce your rate

If you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're unsure as to whether or not buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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