How the right mortgage professional can make applying for a loan less stressful.

The paperwork and effort involved in applying for a loan, combined with all the other life-changing events surrounding home buying, can make for a very stressful time. The right mortgage professional can make the loan application process less stressful – and we’re happy to refer you to some of the best in Austin!

While you’re finding the perfect fit for mortgage loan guidance, here are a few tips that can reduce your stress.

Make a list of any questions you have about the loan program.

A good real estate agent will help you understand the various mortgage programs for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.

Discuss locking-in or floating the loan’s interest rate.

If you think interest rates will drop after your loan application date but prior to closing, you may want to “float” – but the risk is interest rates will rise, and so will your mortgage payments.

If you think rates will rise or if you just are comfortable with the current rate, you may want to lock-in. An experienced agent can help you decide what’s best for you.

Discuss the value of paying additional points to lower your interest rate.

Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan. Your agent can help you clarify whether paying points makes sense for you.

Gather your paperwork before you need it.

By gathering your paperwork in advance, you can make your loan application process virtually stress-free.

Click here to view a list of typical loan documentation.