Let Barrientos Properties assist you with applying for your new home loan.
Applying for a loan can be one of the most exasperating aspects of buying a house, but it doesn't have to be.
Being close to various lending companies in the San Antonio area has helped me learn a few things that can make the process of applying for a loan a breeze.
1 – Organize a list of questions about your loan program
Be sure to bring a list of questions if you don't thoroughly comprehend the advantages and disadvantages of all the different loan programs.
I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the differences between fixed and adjustable rate mortgages.
2 – Decide when you want to lock
Locking in a rate means that the lender guarantees the interest rates for the loan – ordinarily at the time the loan application is presented.
By floating the rate, you can lock the rate at any time between the day you apply for the loan and closing. Buyers who choose to float think that the interest rates will dip 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 decrease your rate
When you opt to pay additional points to lower the rate of your loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the mortgage loan.
To determine if buying points is right for you, click here to use our points calculator.
4 – Compile your paperwork
Getting a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.