Are you going to finance a new home? DFW Skyline Realty can help.
Applying for financing can be one of the most troublesome parts of buying a house for a buyer, but it doesn't have to be.
I'm pretty connected to various lending companies in Fort Worth, and they've helped me recognize some things that can make the loan application process a snap.
1 – Compile a list of questions about your loan program
If you do not fully comprehend the pros and cons of all the various loan programs, make sure you have a list of questions with you.
Oftentimes, it can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of each program.
2 – Decide when you want to lock
Locking in a rate means that a mortgage lender holds 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 loan application day and issuance of closing documents. Those who choose to float presume that interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.
3 – Determine if you want to pay additional points to decrease your interest rate
Usually you can opt to pay additional points to lower the rate of your mortgage loan. Every point is 1 percent of the loan and is payable in cash at the time of closing.
Click here to use our points calculator. It will assist you in determining if buying points is right for you.
4 – Gather your paperwork
Getting a loan requires lots of paperwork, so you should take some time to get your documents together. Click here to get a list of common loan documentation.