Let HREG @ Hollingsworth Center - Lee Hollingsworth assist you with applying for a loan.

Applying for the mortgage loan can be one of the most distressing aspects of purchasing a house, but it doesn't have to be. Being familiar with several lenders in Spicewood has helped me realize some things that make the process of applying for a loan easy.

1 – Make a list of questions about your loan program

Be sure to bring a list of questions if you find that you do not entirely realize the advantages and disadvantages of all the different programs. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one, because it's hard to know the differences between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

Locking in signifies that your lender commits to the mortgage interest rates for the loan – usually at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and at the time of closing. Buyers who prefer to float believe 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

Normally you can choose to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the 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 – Compile your paperwork

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