Are you financing your new home in Mineral Wells? Ender & Associates Realty can help.

When purchasing a home, applying for a loan is very troublesome for many people, but it doesn't have to be. I have a close relationship with several mortgage lenders in the Mineral Wells area, and they've helped me realize some things that can make the process of applying for a loan much easier.

1 – Compile a list of questions regarding your loan program

Make sure to have a list of questions with you if you find that you do not completely realize the advantages and disadvantages of all the different programs. I or one of my lenders can help you understand the advantages and disadvantages of both programs, because it can be hard to understand the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, a lender is sure to keep 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 application and at the time of closing. Buyers who elect to float believe that interest rates will drop 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 rate

When you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan. To determine if purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here for a list of general loan documentation.

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