Looking to finance a home?
For many people, applying for mortgage financing can be one of the more distressing elements of purchasing a home, but it doesn't have to be.
Being close with some mortgage lenders in Edmond has helped me learn a few things that make the loan application process easy.
1 – Assemble a list of questions regarding your loan program
If you don't perfectly comprehend the pros and cons of the different programs, make sure you have a list of questions with you.
I or one of my trusted lenders will assist you in understanding the advantages and disadvantages of both programs, because it's hard to understand the distinctions between both fixed and adjustable rate mortgages.
2 – Determine when to lock
Locking in an interest rate denotes that the mortgage lender guarantees the mortgage interest rates for the loan – typically at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the day you apply for your loan and at the time of closing. Those who choose to float think the interest rates will dip 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
When you decide to pay additional points to lower the rate of your loan, you will do so by paying for them in cash at closing. Each point is 1 percent of the mortgage loan.
To determine if purchasing points is right for you, click here to use our points calculator.
4 – Gather your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here for a list of typical loan documentation.