Applying for a loan in Cypress

Applying for the mortgage loan is one of the most exasperating elements of purchasing a home, but it doesn't have to be. I have a close relationship with some lending companies in the Cypress area, and they've helped me realize a few things that will make the loan application process effortless.

1 – Compose a list of questions about your loan program

Make sure you have a list of questions with you if you do not totally comprehend the ins and outs of the different loan programs. It is often a challenge to know the characteristics of fixed and adjustable rate mortgages. I or one of my lender contacts can help you understand the advantages and disadvantages of both.

2 – Decide when you want to lock

Locking in means that the lender commits to the interest rates for the loan – commonly at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and issuance of closing documents. Buyers who decide to float think that interest rates will plunge 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 rate

Usually you can elect to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of common loan documentation.