Jean Pasvar, Realtor-William Davis Realty can assist you in financing a home in Dallas.

When buying a home, applying for the loan is a demanding event for a lot of people, but it doesn't have to be. I'm close to many lenders in the Dallas area, and they've helped me recognize some things that make the process of applying for a loan easy.

1 – Compile a list of questions about your loan program

If you find that you don't perfectly understand the pros and cons of all the different loan programs, make sure you have a list of questions. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it's a challenge to know the distinctions between both fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in a rate, your lender is guaranteeing the mortgage interest rates for the loan – commonly at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day of your loan application and issuance of closing documents. Those who elect to float conclude 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 – Determine if you want to pay additional points to reduce your interest rate

When you choose to pay additional points to lower the rate of your mortgage loan, you will pay for them in cash at closing. Each point is 1 percent of the mortgage loan. If you're undecided as to whether or not purchasing points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

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

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