Are you financing a home in Fort Worth? DFW Skyline Realty can help.
When purchasing a home, applying for the mortgage loan is distressing for a lot of people, but it doesn't have to be.
I'm very connected with some mortgage lenders in Fort Worth, and they've helped me learn some things that will make the loan application process effortless.
1 – Make a list of questions about your loan program
If you find that you don't perfectly realize the ins and outs of the different loan programs, make sure you have a list of questions with you.
I or one of my trusted lenders can help you understand the advantages and disadvantages of both programs, because it can be a challenge to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in the rate denotes that your lender keeps to the interest rates for the loan – generally 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 elect to float presume that the 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 lower your rate
Normally you can decide to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing.
To decide if purchasing points is the best option for you, click here to use our points calculator.
4 – Gather your paperwork
Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to get a list of normal loan documentation.