Thinking of financing your new home? DFW Skyline Realty can help.

For most people, applying for the mortgage loan can be one of the most exasperating aspects of buying a house, but it doesn't have to be. Being connected with several lenders in Fort Worth has helped me realize a few things that can make the loan application process a breeze.

1 – Compile a list of questions regarding your loan program

Be sure you bring a list of questions if you don't fully realize the advantages and disadvantages of all the different programs. It is a challenge understanding the differences between fixed and adjustable rate mortgages. I or one of my lenders can help you understand the advantages and disadvantages of both.

2 – Decide when to lock

By locking in a rate, the mortgage lender is guaranteeing the mortgage interest rates for the loan – normally at the time the loan application is submitted. By floating the rate, you can lock the rate anytime between the day you apply for the loan and issuance of closing documents. Those who opt to float conclude the interest rates will dip 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

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

4 – Gather your paperwork

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

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