Let DFW Skyline Realty assist you with applying for a loan.

Applying for the loan is one of the most stressful parts of buying a house for a buyer, but it doesn't have to be. Being close to some mortgage lenders in Fort Worth has helped me learn a few things that will make the process of applying for a loan easy.

1 – Compose a list of questions about your loan program

Make sure you bring a list of questions with you if you find that you do not totally understand the advantages and disadvantages of all the different programs. Oftentimes, it can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will assist you in understanding the advantages and disadvantages of each.

2 – Determine when to lock

Locking in a rate designates that the lender commits 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 anytime between the day you apply for your loan and closing. Those who opt to float believe that interest rates will drop 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 lower your interest rate

If you decide to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. To decide if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot 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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