Are you financing a new home?

For many people, applying for mortgage financing can be one of the most demanding parts of purchasing a house, but it doesn't have to be. Being familiar with various lending companies in the Dallas area has helped me realize some things that will make the process of applying for a loan much easier.

1 – Compile a list of questions about your loan program

If you don't fully realize the ins and outs of the various loan programs, make sure to have a list of questions. I or one of my trusted lenders will be able to help you understand the advantages and disadvantages of each one, because it is a challenge to understand the distinctions between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

When you lock in an interest rate, your lender is sure to hold to the mortgage interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who decide to float believe that the 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 reduce your interest rate

Usually you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if purchasing points is the best option for you.

4 – Gather your paperwork

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

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