Are you going to finance your new home in San Antonio?

Many people think applying for mortgage financing is one of the most distressing parts of buying a home, but it doesn't have to be. I'm very familiar with some lenders in San Antonio, and they've helped me realize a few things that can make the loan application process effortless.

1 – Organize a list of questions about your loan program

If you don't completely realize the ins and outs of the various programs, make sure you have a list of questions. It's a challenge to understand the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in an interest rate, your mortgage lender is sure to commit to the mortgage interest rates for the loan – normally at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who opt to float think interest rates will plunge 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 lower your interest rate

Oftentimes you can elect 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. To determine if purchasing points is the best option for you, click here to use our points calculator.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here for a list of typical loan documentation.

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