Applying for a home loan in Edmond with help from Elite Realty Team LLC
Applying for a loan is one of the most troublesome aspects of buying a house for a buyer, but it doesn't have to be.
I have a close relationship with some lenders in Edmond, and they've helped me understand some things that can make the loan application process effortless.
1 – Make a list of questions regarding your loan program
Make sure you bring a list of questions if you find that you do not entirely comprehend the advantages and disadvantages of the different programs.
Oftentimes, it can be a challenge understanding the differences between both fixed and adjustable rate mortgages. I or one of my trusted lenders will assist you with understanding the advantages and disadvantages of each program.
2 – Decide when to lock
When you lock in a rate, it denotes that a mortgage lender holds to the interest rates for the loan – most often at the time the loan application is received.
By floating the rate, you can lock the rate at any time between the loan application day and the issuing of closing documents. Those who opt to float presume interest rates will decline 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 decrease your interest rate
Typically you can decide to pay additional points to lower the interest rate of your loan. Each point is 1 percent of the mortgage loan and is payable in cash at closing.
To determine if purchasing points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Getting a loan requires a lot of paperwork, so you should spend some time getting your documentation together. Click here for a list of typical loan documentation.