Are you going to finance your home? DFW Skyline Realty can help.

For most people, applying for a mortgage loan can be one of the most stressful parts of buying a house, but it doesn't have to be. I have a close relationship with various mortgage lenders in Fort Worth, and they've helped me understand some things that can make the process of applying for a loan a snap.

1 – Put together a list of questions about your loan program

Make sure to bring a list of questions with you if you find that you do not entirely comprehend the ins and outs of all the different programs. I or one of my lender contacts will be able to assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to understand the differences between fixed and adjustable rate mortgages.

2 – Determine when to lock

When you lock in a rate, a mortgage lender is sure to commit to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the loan application day and the issuing of closing documents. Buyers who opt to float presume that 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 rate

Usually you can elect to pay additional points to lower the rate of your mortgage loan. Each point is 1 percent of the loan and is payable in cash at closing. If you're undecided as to whether or not buying points is the best option for you, click here to use our points calculator.

4 – Compile your paperwork

Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documentation together. Click here to get a list of normal loan documentation.

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