Are you financing your home in Edmond?
For a lot of people, applying for the mortgage loan is one of the most exasperating elements of purchasing a home, but it doesn't have to be.
Being close to various mortgage lenders in Edmond has helped me learn a few things that make the loan application process very easy.
1 – Make a list of questions about your loan program
Make sure to bring a list of questions with you if you find that you do not completely realize the pros and cons of all the different programs.
Oftentimes, it can be hard to know the characteristics of both fixed and adjustable rate mortgages. I or one of my lenders will be able to assist you in understanding the advantages and disadvantages of each program.
2 – Decide when to lock
By locking in the rate, the mortgage lender is guaranteeing the interest rates for the loan – generally at the time the loan application is sent in.
By floating the rate, you can lock the rate anytime between the day you apply for your loan and closing. Buyers who choose to float presume the 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 lower your rate
If you opt to pay additional points to lower the rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will help you determine if purchasing points is right for you.
4 – Compile your paperwork
Obtaining a mortgage loan requires lots of paperwork, so you should spend some time getting your documentation together. Click here for a list of common loan documentation.