Applying for your home loan in Kyle

Applying for a mortgage loan is one of the most exasperating elements of purchasing a house, but it doesn't have to be. I have a close business relationship with various mortgage lenders in the Kyle area, and they've helped me understand a few things that make the loan application process uncomplicated.

1 – Make a list of questions about your loan program

Make sure you have a list of questions with you if you find that you do not totally realize the ins and outs of the different loan programs. It can be a challenge to understand the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of both programs.

2 – Determine when to lock

When you lock in the rate, a mortgage lender is sure to hold to 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 anytime between the loan application day and at the time of closing. Those who prefer to float believe that interest rates will fall 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 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 closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. It will assist you in determining if buying points is right for you.

4 – Compile your paperwork

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