Jean Pasvar, Realtor-William Davis Realty can assist you with applying for your loan in Dallas.

When purchasing a home, applying for the mortgage loan is a exasperating event for most people, but it doesn't have to be. Being connected with a lot of lending companies in the Dallas area has helped me realize a few things that will make the process of applying for a loan uncomplicated.

1 – Put together a list of questions regarding your loan program

If you don't thoroughly understand the pros and cons of all the various loan programs, make sure to have a list of questions with you. I or one of my trusted lenders will be able to assist you in understanding the advantages and disadvantages of both programs, because it's hard to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when you want to lock

Locking in an interest rate means that a mortgage lender keeps to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day you apply for the loan and issuance of closing documents. Those who prefer to float think the interest rates will decline 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 lower your interest rate

Oftentimes you can choose to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing. If you're undecided as to whether or not buying points is right 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 your documentation together. Click here for a list of common loan documentation.

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