Applying for a loan in Mineral Wells with the help of Ender & Associates Realty

Applying for the mortgage loan is one of the most exasperating parts of buying a house for a buyer, but it doesn't have to be. Being connected to several lending companies in the Mineral Wells area has helped me learn some things that will make the process of applying for a loan a snap.

1 – Organize a list of questions about your loan program

If you don't entirely understand the pros and cons of all the various programs, be sure to have a list of questions. Oftentimes, it can be a challenge to understand the differences between fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each.

2 – Decide when you want to lock

Locking in signifies that a mortgage lender holds to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for your loan and issuance of closing documents. Buyers who prefer 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 – Decide if you want to pay additional points to decrease your interest rate

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

4 – Compile your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of normal loan documentation.

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