Applying for a loan in Fort Worth

When purchasing a home, applying for the loan is troublesome for a lot of people, but it doesn't have to be. I'm very connected to some lenders in the Fort Worth area, and they've helped me realize some things that make the loan application process effortless.

1 – Make a list of questions about your loan program

If you don't totally realize the pros and cons of the various loan programs, be sure to have a list of questions with you. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it can be a challenge to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when to lock

When you lock in an interest rate, the lender is sure to commit to the interest rates for the loan – most often at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the loan application day and closing. Those who choose to float presume the interest rates will plunge 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 rate

Typically you can choose to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.

4 – Bring your paperwork

Obtaining a loan requires a lot of paperwork, so you should take some time to get your documents together. Click here to get a list of normal loan documentation.

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