Are you looking to finance a new home? Jean Pasvar, Realtor-William Davis Realty can help.

When purchasing a home, applying for the mortgage loan is very troublesome for a lot of people, but it doesn't have to be. Being close with various lenders in the Dallas area has helped me realize some things that make the loan application process effortless.

1 – Create a list of questions regarding your loan program

If you find that you don't completely comprehend the ins and outs of all the various loan programs, make sure to bring a list of questions. Oftentimes, it can be hard to know the distinctions between both fixed and adjustable rate mortgages. I or one of my lenders can assist you in understanding the advantages and disadvantages of both programs.

2 – Decide when to lock

By locking in a rate, the mortgage lender is keeping to the mortgage interest rates for the loan – usually at the time the loan application is sent in. By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Those who decide to float conclude interest rates will dip 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 rate

Typically you can opt to pay additional points to lower the interest rate of your mortgage loan. Each point is 1 percent of the mortgage loan and is payable in cash at the time of closing. Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.

4 – Compile your paperwork

Acquiring a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.

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