Are you financing your new home?

When buying a home, applying for the loan is a exasperating event for many people, but it doesn't have to be. Being connected to a lot of lenders in Fort Worth has helped me realize a few things that make the process of applying for a loan pretty simple.

1 – Compile a list of questions about your loan program

Make sure to have a list of questions with you if you don't completely realize the advantages and disadvantages of the various loan programs. Oftentimes, it can be a challenge to know the distinctions between both fixed and adjustable rate mortgages. I or one of my trusted lenders will be able to assist you with understanding the advantages and disadvantages of both.

2 – Decide when to lock

When you lock in an interest rate, a lender is sure to commit to the 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 of your loan application and at the time of closing. Buyers who opt 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 – Decide if you want to pay additional points to decrease your interest rate

If you choose to pay additional points to lower the rate of your mortgage loan, you'll do so by paying for them in cash at the time of closing. Every point is 1 percent of the loan. If you're unsure as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Gather your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should take some time to get your documents together. Click here for a list of general loan documentation.

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