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

Applying for mortgage financing is one of the most exasperating elements of purchasing a home, but it doesn't have to be. I'm pretty connected with a lot of lending companies in the Mineral Wells area, and they've helped me recognize some things that make the loan application process much easier.

1 – Organize a list of questions about your loan program

Make sure to have a list of questions if you find that you do not totally understand the pros and cons of the different programs. It is a challenge to know the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one.

2 – Decide when you want to lock

When you lock in the rate, it denotes that your lender keeps to the interest rates for the loan – often at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who decide to float believe that 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 reduce your interest rate

When you decide to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. It will help you determine if buying points is right for you.

4 – Compile your paperwork

Getting a mortgage loan requires lots 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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