Ender & Associates Realty can assist you in financing your new home.
Applying for the loan is one of the most troublesome parts of purchasing a home for a buyer, but it doesn't have to be.
Being connected to many lending companies in the Mineral Wells area has helped me recognize a few things that will make the process of applying for a loan very manageable.
1 – Create a list of questions about your loan program
Make sure to bring a list of questions with you if you don't perfectly realize the ins and outs of the different loan programs.
I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program, because it is a challenge to know the differences between fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in designates that a lender guarantees the mortgage interest rates for the loan – generally 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 closing. Those who choose to float believe that the interest rates will fall 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 interest rate
Normally you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will assist you in determining if purchasing points is right for you.
4 – Bring your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should take some time to get all your documents together. Click here for a list of normal loan documentation.