Are you thinking about financing a home?

A lot of people believe that applying for the mortgage loan is one of the most distressing parts of buying a house, but it doesn't have to be. I'm familiar with some mortgage lenders in the Mineral Wells area, and they've helped me learn a few things that make the loan application process a snap.

1 – Create a list of questions about your loan program

If you find that you do not thoroughly comprehend the ins and outs of all the various programs, make sure to bring a list of questions with you. It can be hard to know the distinctions 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 program.

2 – Decide when you want to lock

When you lock in the interest rate, the mortgage lender is guaranteed to hold to the interest rates for the loan – ordinarily at the time the loan application is received. 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 opt to float conclude that 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 decrease your rate

If you choose to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Compile your paperwork

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

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