Kristi's Properties can help you with financing your new home.

For many people, applying for financing can be one of the more exasperating aspects of buying a house, but it doesn't have to be. Being connected to some lenders in the Gatesville area has helped me understand a few things that will make the loan application process much easier.

1 – Compose a list of questions regarding your loan program

Be sure to bring a list of questions with you if you find that you do not entirely understand the pros and cons of all the various loan programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of both programs, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in an interest rate, it means that your lender commits to the interest rates for the loan – usually at the time the loan application is presented. By floating the rate, you can lock the rate anytime between application and at the time of closing. Those who prefer to float conclude interest rates will fall 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 interest rate

If you choose to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at 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 the best option for you.

4 – Gather your paperwork

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

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