Looking to finance a home? Ender & Associates Realty can help.

Applying for a loan is one of the most distressing aspects of buying a house, but it doesn't have to be. I'm connected to some lending companies in the Mineral Wells area, and they've helped me understand some things that can make the loan application process much easier.

1 – Compile a list of questions regarding your loan program

Make sure you have a list of questions if you find that you don't thoroughly comprehend the ins and outs of all the different loan programs. I or one of my lender contacts will assist you with understanding the advantages and disadvantages of each program, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in the rate, a mortgage lender is sure to keep to the mortgage 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 at the time of closing. Those who opt to float presume 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 lower your rate

If you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you with deciding if purchasing points is right for you.

4 – Gather your paperwork

Acquiring a mortgage loan requires a lot 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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