New Home Guide Texas can assist you in financing your home.

For many people, applying for the mortgage loan can be one of the more exasperating aspects of purchasing a house, but it doesn't have to be. Being close with some mortgage lenders in Missouri City has helped me realize some things that will make the loan application process very manageable.

1 – Organize a list of questions regarding your loan program

Be sure to bring a list of questions if you find that you do not completely comprehend the ins and outs of all the different programs. I or one of my lenders will assist you with understanding the advantages and disadvantages of each one, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in the interest rate denotes that your mortgage lender holds to the mortgage interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Those who decide to float conclude that interest rates will fall 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 interest rate

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

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of typical loan documentation.