Home financing tips for Dallas buyers 214.235.9810

When buying a home, applying for the mortgage loan is troublesome for many people, but it doesn't have to be. I have excellent relationships with many lending companies in the Dallas area, and they've helped me recognize a few things that will make the process of applying for a loan a breeze.

1 – Organize a list of questions regarding your loan program

Make sure to have a list of questions if you find that you don't completely comprehend the pros and cons of all the different loan programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program, because it can be hard to know the distinctions between fixed and adjustable rate mortgages.

2 – Determine when you want to lock

By locking in a rate, a lender is committing to the interest rates for the loan – usually 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 closing. Those who opt to float believe 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 decrease your interest rate

Typically you can choose to pay additional points to lower the rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Gather your paperwork

Getting a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to preview common questions you'll have to answer on a loan app.

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