Are you financing your new home in Dallas?

When purchasing a home, applying for financing is a exasperating event for most people, but it doesn't have to be. I'm very well-connected to many lenders in Dallas, and they've helped me recognize some things that can make the process of applying for a loan a breeze.

1 – Make a list of questions regarding your loan program

If you don't totally realize the pros and cons of all the various programs, be sure you bring a list of questions. I or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it can be a challenge to know the differences between fixed and adjustable rate mortgages.

2 – Decide when to lock

By locking in the rate, your lender is holding to the interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate anytime between the day you apply for the loan and the issuing of closing documents. Those who elect to float conclude that 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 decrease your interest rate

Typically you can opt to pay additional points to lower the interest rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. If you're uncertain 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 lots of paperwork, so you should spend some time getting your documentation together. Click here to get a list of typical loan documentation.

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