Elite Realty Team LLC can assist you in financing your home.
Many people believe that applying for the mortgage loan is one of the more exasperating parts of buying a home, but it doesn't have to be.
Being connected with a lot of lending companies in Edmond has helped me realize some things that can make the loan application process much easier.
1 – Compile a list of questions regarding your loan program
If you find that you do not completely understand the ins and outs of all the various programs, make sure to have a list of questions.
I or one of my trusted lenders can help you understand the advantages and disadvantages of each one, because it can be a challenge to understand the characteristics of both fixed and adjustable rate mortgages.
2 – Determine when you want to lock
By locking in a rate, the mortgage lender is keeping to the interest rates for the loan – usually at the time the loan application is received.
By floating the rate, you can lock the rate anytime between application and the issuing of closing documents. Buyers who elect to float presume that interest rates will decline 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
When you elect to pay additional points to lower the interest rate of your mortgage loan, you will do so by paying for them in cash at the time of closing. Each point is 1 percent of the loan.
If you're uncertain if purchasing points is the best option for you, click here to use our points calculator.
4 – Bring your paperwork
Obtaining a loan requires lots of paperwork, so you should spend some time getting your documents together. Click here to get a list of general loan documentation.