Do you want to finance your new home? Jean Pasvar, Realtor-William Davis Realty can help.

When buying a home, applying for a loan is very troublesome for most people, but it doesn't have to be. I'm very connected with various lending companies in Dallas, and they've helped me learn a few things that make the process of applying for a loan effortless.

1 – Assemble a list of questions regarding your loan program

If you don't fully realize the advantages and disadvantages of all the different programs, make sure you bring a list of questions. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each one, because it can be hard to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in an interest rate, it signifies that your mortgage lender holds to the mortgage interest rates for the loan – most often at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who choose to float presume that interest rates will drop 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

Typically you can opt to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing. To decide if buying points is right for you, click here to use our points calculator.

4 – Gather your paperwork

Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here for a list of common loan documentation.

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