Are you looking to finance a home?
For a lot of people, applying for the loan can be one of the most exasperating parts of buying a house, but it doesn't have to be.
I have a close relationship with several mortgage lenders in Dallas, and they've helped me recognize a few things that will make the loan application process a breeze.
1 – Make a list of questions about your loan program
Be sure to bring a list of questions with you if you find that you don't fully comprehend the pros and cons of all the different loan programs.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of each program, because it is hard to understand the characteristics of fixed and adjustable rate mortgages.
2 – Decide when you want to lock
By locking in the interest rate, your lender is holding to the mortgage interest rates for the loan – normally at the time the loan application is received.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and the issuing of closing documents. Buyers who opt to float think that interest rates will decline 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
If you choose to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Each point is 1 percent of the loan.
If you're unsure as to whether or not purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting your documents together. Click here for a list of normal loan documentation.