Applying for a new home loan in Dallas with the help of Jean Pasvar, Realtor-William Davis Realty

When buying a home, applying for the mortgage loan is a stressful event for a lot of people, but it doesn't have to be. Having connections to a lot of mortgage lenders in Dallas has helped me recognize a few things that will make the process of applying for a loan uncomplicated.

1 – Compose a list of questions about your loan program

If you find that you do not completely understand the pros and cons of the different programs, be sure to have a list of questions. It is often hard to understand the distinctions between fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of both.

2 – Determine when to lock

By locking in a rate, the mortgage lender is keeping to the interest rates for the loan – normally at the time the loan application is sent in. By floating the rate, you can lock the rate at any time between the day you apply for your loan and closing. Those who prefer to float presume the 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 reduce your rate

If you decide to pay additional points to lower the interest rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan. If you're uncertain if buying points is right for you, click here to use our points calculator.

4 – Compile your paperwork

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

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