Applying for your loan with the help of Issac W. Harper Real Estate Broker/Realtor©
For most people, applying for a loan is one of the more troublesome elements of buying a home, but it doesn't have to be.
Being connected to a lot of mortgage lenders in the Austin area has helped me realize a few things that can make the loan application process much easier.
1 – Compile a list of questions regarding your loan program
Make sure you bring a list of questions with you if you do not perfectly comprehend the advantages and disadvantages of the various programs.
Oftentimes, it can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders can assist you in understanding the advantages and disadvantages of both programs.
2 – Decide when to lock
By locking in the interest rate, your lender is keeping to the mortgage interest rates for the loan – usually at the time the loan application is sent in.
By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who prefer to float think the interest rates will decline 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
Generally you can decide to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing.
If you're undecided as to whether or not buying points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Getting a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of typical loan documentation.