Are you financing your home in Edmond?

Applying for the loan is one of the most troublesome aspects of buying a house, but it doesn't have to be. I'm connected to a lot of lenders in Edmond, and they've helped me recognize some things that make the process of applying for a loan much easier.

1 – Compile a list of questions about your loan program

If you find that you don't completely realize the ins and outs of all the various loan programs, make sure you have a list of questions. It can be hard to understand the characteristics of both fixed and adjustable rate mortgages. I or one of my lender contacts will help you understand the advantages and disadvantages of each.

2 – Decide when you want to lock

When you lock in a rate, your mortgage lender is guaranteed to hold to the interest rates for the loan – normally at the time the loan application is received. By floating the rate, you can lock the rate at any time between the day of your loan application and closing. Buyers who opt to float believe 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 reduce your interest rate

Typically you can choose to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the loan and is payable in cash at the time of closing. To decide if you should buy points, click here to use our points calculator.

4 – Bring your paperwork

Acquiring a loan requires a lot of paperwork, so you should take some time to get all your documentation together. Click here to get a list of general loan documentation.