Dallas Lender Information
Dallas Home Loan Tips & Resources:
Don’t focus solely on the interest rate – Getting a low rate is important, but you may not benefit from it if you have to pay too many up-front points and other fees. With our 50+ lenders, we help you find the best rate.
Understand the relationship between points and rates – A point is prepaid interest, and each point you pay equals one percent of your loan amount. If you get a $100,000 loan and pay two points, that’s $2,000 in points. The more points you pay, the lower the rate you’ll get.
Think about how long you’ll keep the loan – If you’re going to move in a few years, consider an adjustable-rate mortgage since you may be able to sell the house before the rate gets too high. If you plan to stay longer, a fixed-rate mortgage may be an attractive option because your rate stays fixed for the term of the loan.
To Improve your chances of loan approval:
Fill out the loan application completely – The lender needs all this information to determine your creditworthiness. Make sure you have the documents you need ahead of time.
Don’t go on a spending spree – Before the sale is scheduled to close, the lender may check your credit report for high credit card balances and your bank accounts to make sure you haven’t drained them.
When closing the loan, be prepared to:
Bring a certified check or money order for your down payment and closing costs – The seller won’t exchange the house keys for a personal check. The escrow officer or closing attorney will have a check from the lender for the amount you have agreed to borrow.