Are you thinking of financing a home?

When purchasing a home, applying for the loan is very troublesome for many people, but it doesn't have to be. I have a close business relationship with various mortgage lenders in Edmond, and they've helped me realize some things that can make the process of applying for a loan a snap.

1 – Compose a list of questions about your loan program

Be sure to bring a list of questions if you do not totally realize the ins and outs of all the different loan programs. I or one of my lender contacts will assist you in understanding the advantages and disadvantages of both programs, because it can be hard to understand the characteristics of fixed and adjustable rate mortgages.

2 – Decide when you want to lock

By locking in the rate, the mortgage lender is guaranteeing the mortgage 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 of your loan application and at the time of closing. Those who choose to float conclude interest rates will fall 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 reduce your rate

If you elect to pay additional points to lower the interest rate of your loan, you'll do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan. Click here to use our points calculator. This tool will help you decide if purchasing points is right for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires a lot of paperwork, so you should spend some time getting all your documentation together. Click here for a list of general loan documentation.