John Horton Realty can help you with financing a home in Austin.

Applying for the mortgage loan can be one of the most distressing elements of purchasing a home, but it doesn't have to be. Being close with many mortgage lenders in Austin has helped me understand some things that make the loan application process very manageable.

1 – Compile a list of questions about your loan program

If you do not totally realize the ins and outs of all the various loan programs, make sure you bring a list of questions. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs, because it's a challenge to understand the characteristics of both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in denotes that the mortgage lender keeps to the mortgage interest rates for the loan – ordinarily at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who decide to float conclude 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 decrease your rate

Generally you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. Click here to use our points calculator. It will assist you with deciding if buying points is the best option for you.

4 – Gather your paperwork

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

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