Are you thinking about financing your new home?

Applying for financing is one of the most distressing aspects of purchasing a home for a buyer, but it doesn't have to be. Being close to many lending companies in the Austin area has helped me recognize some things that make the process of applying for a loan effortless.

1 – Assemble a list of questions about your loan program

Make sure to have a list of questions if you find that you do not totally comprehend the advantages and disadvantages of the various programs. It is 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 – Decide when you want to lock

Locking in the rate denotes that the lender guarantees the mortgage interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Those who prefer 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 interest rate

If you decide to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. To decide if buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Obtaining 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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