Let IREAF, LLC help you with financing a new home.
A lot of buyers believe that applying for mortgage financing is one of the more troublesome elements of buying a house, but it doesn't have to be.
Being connected to several lending companies in Austin has helped me recognize some things that will make the process of applying for a loan pretty simple.
1 – Compile a list of questions about your loan program
If you don't perfectly understand the pros and cons of the various programs, be sure you bring a list of questions with you.
I or one of my lender contacts can help you understand the advantages and disadvantages of each one, because it is a challenge to know the distinctions between fixed and adjustable rate mortgages.
2 – Decide when to lock
By locking in the rate, your mortgage lender is committing to the mortgage interest rates for the loan – often at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who prefer to float think that the 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 lower your interest rate
When you opt to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. It will assist you with determining if purchasing points is the best option for you.
4 – Compile your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should take some time to get your documentation together. Click here to get a list of typical loan documentation.