Let Barrientos Properties help you apply for your home loan.

Applying for a loan is one of the most stressful parts of buying a home, but it doesn't have to be. Being familiar with some lending companies in the San Antonio area has helped me learn a few things that can make the process of applying for a loan much easier.

1 – Compile a list of questions about your loan program

Be sure to have a list of questions with you if you don't thoroughly realize the pros and cons of the different loan programs. It is often a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when you want to lock

Locking in a rate indicates that your lender holds to the 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 day you apply for your loan and at the time of closing. Buyers who elect to float think the interest rates will decline 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

If you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with deciding if buying points is right for you.

4 – Gather your paperwork

Getting 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 normal loan documentation.

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