Are you going to finance your home? Elite Realty Team LLC can help.
Applying for a loan can be one of the most distressing aspects of purchasing a home for a buyer, but it doesn't have to be.
I have a close business relationship with some mortgage lenders in Edmond, and they've helped me understand some things that make the process of applying for a loan easy.
1 – Create a list of questions regarding your loan program
If you find that you do not perfectly understand the advantages and disadvantages of the different programs, make sure to have a list of questions.
I or one of my lender contacts can help you understand the advantages and disadvantages of each program, because it can be a challenge to understand the distinctions between fixed and adjustable rate mortgages.
2 – Decide when to lock
Locking in a rate indicates that a mortgage lender holds to the interest rates for the loan – generally at the time the loan application is submitted.
By floating the rate, you can lock the rate at any time between the loan application day and at the time of closing. Those who choose to float conclude that the interest rates will plunge 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 choose to pay additional points to lower the rate of your loan, you'll pay for them in cash at closing. Every point is 1 percent of the mortgage loan.
Click here to use our points calculator. This tool will help you decide if buying points is the best option for you.
4 – Compile your paperwork
Getting a mortgage loan requires a lot of paperwork, so you should take some time to get all your documents together. Click here to get a list of typical loan documentation.