Do you wish to finance a home?

Applying for a mortgage loan is one of the most stressful elements of buying a house, but it doesn't have to be. I have a close business relationship with various mortgage lenders in Austin, and they've helped me realize some things that will make the loan application process a snap.

1 – Compile a list of questions about your loan program

If you do not completely realize the pros and cons of all the different loan programs, make sure to have a list of questions. It can be a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each.

2 – Determine when you want to lock

Locking in an interest rate indicates that the lender commits to the interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the loan application day and issuance of closing documents. Buyers who elect to float believe that interest rates will plunge in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to lower your interest rate

If you decide to pay additional points to lower the interest rate of your mortgage loan, you'll pay for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. It will assist you with determining if buying points is the best option for you.

4 – Compile your paperwork

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