Are you thinking about financing your new home in Kyle?

Applying for financing is one of the most exasperating elements of buying a home for a buyer, but it doesn't have to be. I have a close business relationship with several lenders in the Kyle area, and they've helped me recognize a few things that can make the loan application process a breeze.

1 – Put together a list of questions regarding your loan program

If you do not fully comprehend the pros and cons of all the various programs, make sure to have a list of questions. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it can be a challenge to know the characteristics of both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in signifies that your mortgage lender guarantees the mortgage interest rates for the loan – often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Buyers who opt to float presume that interest rates will drop 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 reduce your rate

Typically you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if buying points is right for you.

4 – Compile your paperwork

Obtaining a loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of general loan documentation.

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