Do you want to finance a new home? DFW Skyline Realty can help.

Applying for the mortgage loan can be one of the most exasperating elements of purchasing a house for a buyer, but it doesn't have to be. Having connections with many mortgage lenders in Fort Worth has helped me realize some things that make the loan application process easy.

1 – Organize a list of questions about your loan program

If you do not fully understand the pros and cons of the different loan programs, make sure you bring a list of questions. I or one of my lenders can assist you in understanding the advantages and disadvantages of each program, because it is a challenge to know the differences between both fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in the rate, your lender is guaranteed to hold to the mortgage interest rates for the loan – commonly at the time the loan application is presented. By floating the rate, you can lock the rate at any time between application and the issuing of closing documents. Those who choose 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

If you opt to pay additional points to lower the interest rate of your mortgage loan, you will pay for them in cash at closing. Every point is 1 percent of the mortgage loan. Click here to use our points calculator. This tool will assist you with determining if purchasing points is right for you.

4 – Compile your paperwork

Obtaining a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.

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