Are you financing your home in Fort Worth?

A lot of buyers believe applying for financing is one of the most stressful parts of buying a house, but it doesn't have to be. I have a close business relationship with many lending companies in the Fort Worth area, and they've helped me realize some things that make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

Make sure you bring a list of questions with you if you find that you don't thoroughly comprehend the pros and cons of the different programs. It can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs.

2 – Decide when you want to lock

When you lock in the interest rate, it designates that your mortgage lender commits to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day of your loan application and the issuing of closing documents. Those who decide to float think that interest rates will fall 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 reduce your interest rate

If you elect 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. It will assist you in determining if purchasing points is the best option for you.

4 – Gather your paperwork

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

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