Getting your loan locked down is just one part of a real estate transaction. DFW Properties is seasoned at assisting new and experienced in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of buying and selling.
Let DFW Properties assist you with applying for your loan in Colleyville.
When buying a home, applying for a loan is very troublesome for most people, but it doesn't have to be. I have close working relationships with various lending companies in Colleyville, and they've helped me understand some things that make the process of applying for a loan pretty simple.
1 – Create a list of questions regarding your loan program
Be sure to bring a list of questions if you don't completely grasp the pros and cons of the different programs. I or one of my lender contacts can assist you in understanding the advantages and disadvantages of each one, because it is hard to know the differences between fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in a rate denotes that a mortgage lender commits 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 day of your loan application and at the time of closing. Those who choose to float conclude that 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 decrease your interest rate
Generally you can choose to pay additional points to lower the interest rate of your mortgage loan. Each 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 deciding if purchasing points is the best option for you.
4 – Bring your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here to preview typical questions you'll have to answer on a loan app.
